Adient, which today said it was selling its 30% stake in Yanfeng Global Automotive Interior Systems (YFAI) to Yanfeng for US$379m yet extending the Yanfeng Adient Seating joint venture agreement to December, 2038, also announced what it termed "solid" first fiscal quarter results despite a non-cash one-off charge impacted net loss of US$167m or $1.78 a share.
Adjusted EPS was $0.96 while adjusted EBITDA of $297m was up $121m year on year.
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The adjusted EBITDA margin was 7.5%, up 330 bps on Q1 fiscal 2019/2020
The seating supplier said earnings and cash flow growth, combined with the proceeds of recently announced "strategic actions" totaling around $400m, would be used to pre-pay a portion of its debt.
Also this week, Adient said John Barth would not stand for re-election to the company's board of directors at the company's annual general meeting on 12 March, 2020.
Barth currently serves on the compensation committee and was previously lead director from October 2016 to October 2018 and served as interim chairman from June 2018 to October 2018.
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