Adient (NYSE: ADNT), a global leader in automotive seating, today announced first quarter 2020 financial results.
- Impacted by one-time, non-cash charges, Q1 GAAP net loss and EPS diluted of $(167)M and $(1.78) respectively; Q1 Adj.-EPS diluted of $0.96
- Q1 Adj.-EBITDA of $297M, up $121M y-o-y; Adj. EBITDA margin of 7.5%, up 330 bps y-o-y
- Cash and cash equivalents of $965M at Dec. 31, 2019
- Gross debt and net debt totaled $3,754M and $2,789M, respectively, at Dec. 31, 2019
- Earnings and cash flow growth, combined with proceeds from recently announced strategic actions totaling ~$400M, are expected to be used to pre-pay a portion of Adient’s debt
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
