Adient, the automotive seating and interiors business separated from Johnson Controls last year, has announced what it termed "strong" second quarter earnings after adjusted net income and earnings per share increased to US$192m and $2.04 (both +16.3%).
Adjusted EBIT rose 12.1% to $334m with a margin of 7.9% (+100bps).
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The company hiked its full year guidance with adjusted-EBIT now expected at $1.24 – $1.26bn, up from $1.15 – $1.20bn.
"Adient delivered strong second quarter results, building on the positive momentum established earlier in the year. In addition to growing earnings and expanding margins, [our] recently announced dividend will further enhance shareholder returns," said Bruce McDonald, chairman and chief executive officer.
Sales slipped 1% ro $4.21m from $4.3m due to foreign exchange and North American production model mix.
Seating sales rose 18% to $2.092m from $1.852m due to favourable currency.
"Adient's increased earnings expectations for full year 2017 are supported by the company's strong first half results and positive outlook for the remainder of the year," said CFO Jeffrey Stafeil.
