Adient has posted preliminary second-quarter revenue down 16% to US$3.5bn.
Second-quarter EBITDA is expected to be between US$200m and US$210m (including a ~US$100m impact from Covid-19), versus US$191m in the prior-year quarter.
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Additional details related to Adient’s second quarter results and outlook for the remainder of FY20 will be provided on 5 May during the company’s Q2, FY20 earnings call.
“Adient’s preliminary Q2 results demonstrate the improvement phase of the company’s turnaround plan continues to accelerate,” said Adient president and CEO, Doug Del Grosso.
“Excluding the ~US$100m negative impact stemming from the Covid-19 crisis, Adient’s second quarter results were on pace to significantly outperform Q2, FY19’s results.
“The team is acting quickly and decisively to execute actions designed to reduce the company’s cash burn rate and increase liquidity. We will continue to execute actions designed to protect the long-term health of Adient.”
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