Adient has booked a first-quarter net loss of US$54m, while adjusted EBITDA was US$146m, down US$232m y-o-y (down US$179m when adjusting for portfolio actions executed in FY21)

“As expected entering FY22, many of the macro factors that influenced the industry last year continue to affect our results in early 2022,” said Adient president and CEO, Doug Del Grosso.

“The team is committed to driving the business forward to further position Adient for sustained success.”

For his part, Adient EVP and CFO, Jeff Stafeil, added: “The transformation of Adient’s balance sheet continues in FY22 with the recently announced US$800m debt tender offers.

“The voluntary debt repayments, combined with a continued focus on operational excellence, places Adient on solid footing to achieve its target leverage threshold.”