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Adient records Q3 net loss of US$321m

By Simon Warburton | 6 August 2019

Adient has posted a third-quarter net loss of US$321m, impacted by various one-time, non-cash charges totalling US334m.

"Adient's turnaround plan is on track as evidenced by our Q3 financial results, which improved sequentially for the second consecutive quarter," said Adient president and CEO, Doug Del Grosso.

"Benefits related to actions implemented earlier this year are gaining traction and more than offset significant industry weakness in the China market."

The Q3 net loss was primarily associated with the recording of valuation allowances against certain deferred tax assets, restructuring charges, a UK pension mark-to-market loss and a deferred financing fee.

Adient said it continues to compete and win both new and replacement business; recently secured programme wins include Ford, General Motors, FAW, Porsche, Volkswagen and Kia.

Through a variety of customer events, Adient continues to showcase the company's current and future global product offerings, including opportunities to increase programme profitability.