Adient (NYSE: ADNT), a global leader in automotive seating, today announced second quarter 2020 financial results.
- Impacted by COVID-19 and one-time, non-cash charges, Q2 GAAP net loss and EPS diluted of $(19)M and $(0.20) respectively; Q2 Adj.-EPS diluted of $0.62
- Q2 Adj.-EBITDA of $211M, up $20M y-o-y (includes ~$100M impact from COVID-19); Adj. EBITDA margin of 6.0%, up 150 bps y-o-y despite a 17% decline in revenue (decline primarily attributed to lost production volume associated with the pandemic)
- Cash and cash equivalents of $1,640M at March 31, 2020; implemented cash conservation actions to reduce monthly cash burn rate (defined as net cash outflow associated with operating the company) from ~$300M to ~$175M
- Subsequent to March 31, 2020, issued $600M of senior secured notes due 2025
- All of Adient’s China operations have reopened; the automotive industry in China continues to trend in a positive direction
For complete details and to see reconciliations of non-GAAP measures to their most directly comparable GAAP measures, visit the events section of the Adient investor website at www.investors.adient.com/events-and-presentations/events to download the full press release and earnings presentation.
Investor analyst conference call:
Adient’s president and chief executive officer, Douglas Del Grosso, and executive vice president and chief financial officer, Jeff Stafeil, will host a conference call today at 8:30 a.m. Eastern to discuss the results. To participate by telephone, please dial 800-779-1454 (U.S.) or 312-470-7220 (international) 15 minutes prior to the start time of the call and ask to be connected to the Adient conference call. The conference passcode is ADIENT.
SOURCE: Adient
