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Adient Announces Preliminary Q1 Fiscal 2019 Results; Initiates Discussions To Strengthen Capital Structure

Based on the current operating environment and the anticipated timing of turnaround actions underway, Adient expects earnings to improve in the second half of fiscal 2019 compared with first half of the year.  

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Adient, a global supplier of automotive seating, has reported certain preliminary financial results for the quarter ended Dec. 31, 2018. Revenue in the first quarter of fiscal 2019 is expected to be approximately $4.158 billion versus $4.204 billion in the prior-year quarter. Adjusted EBITDA is expected to be approximately $175 million, versus Adjusted EBITDA of $267 million in the first quarter of the prior year.

Based on the current operating environment and the anticipated timing of turnaround actions underway, Adient expects earnings to improve in the second half of fiscal 2019 compared with first half of the year.

“After completing a comprehensive assessment during the first 100 days of my tenure, we are taking actions to improve our financial performance, including assembling a strong management team aligned with turning around our business; reducing our overhead spend; and focusing relentlessly on commercial and operational excellence,” said Doug Del Grosso, president and CEO. “We expect to see the benefits of these actions gaining momentum in the second half of fiscal 2019 as we work to achieve industry-leading margins over the longer term.”

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Adient said it also is continuing to take steps to increase the strength and flexibility of its capital structure to better enable its turnaround. This includes initiating discussions with its bank group to evaluate options to refinance its existing credit facilities, and reviewing various portfolio changes.

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