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April 15, 2019

Adient Q2 revenue and profit fall

Seating tier 1 Adient said preliminary financial results for the quarter to 31 March, 2019 showed falls in revenue and profit.

By Olly Wehring

Seating tier 1 Adient said preliminary financial results for the quarter to 31 March, 2019 showed falls in revenue and profit.

Q2 revenue was estimated at $4.2bn versus $4.6bn in Q2 2018.  Adjusted Q2 EBITDA was expected to be between $185m and $195m compared with $362m the previous year.

Tightening up on debtors to improve cash flow and lower capital expenditures helped drive the year-on-year improvement, Adient said.  

"Adient's preliminary Q2 results demonstrate that the actions taken to improve the company's operational and financial performance are taking hold," said Doug Del Grosso, president and chief executive officer.

"We expect to see the company's second half financial performance outpace its first half results with the rate of improvement continuing to accelerate as we exit fiscal 2019."

Adient recently named Jose Gutiérrez to its board, saying his experience as a CEO and proven track record of leading transformations would help accelerate the turnaround plan and operational and financial performance.

Gutierrez was a senior EVP and chief of staff to the chairman and CEO of AT&T from 2015 until his retirement at the end of 2016.

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