Adient reports increased seating revenues

Worldwide
Published:  02 May, 2017

The automotive seating supplier has delivered strong second quarter results, with adjusted-EBIT expanded to US$334 million (margin of 7.9%), and says it has raised its outlook for the rest of the financial year.

Adient has reported an increase in GAAP net income US$192 million for the second quarter of its financial year 2017. 

“Adient delivered strong second quarter results, building on the positive momentum established earlier in the year. In addition to growing earnings and expanding margins, Adient’s recently announced dividend will further enhance shareholder returns”, said R. Bruce McDonald, Chairman and CEO, Adient.

The Company says it has prepaid US$100 million of the US$1.5 billion Term Loan during the quarter, and reports unconsolidated seating revenue increase of 18% to US$2.1 billion, at constant currency, in the quarter. As reported by ILM, the manufacturer has recently announced it plans to open a new 90,000 sq m seating mechanism plant in Changshu, China, in collaboration with Adient Yanfeng Seating Mechanism, one of the manufacturer’s joint ventures in the country. Other projects announced in the quarter includes its partnership with Boeing to explore innovative comfort, efficiency, and functional improvements to commercial aircraft seating and interiors. Read more here.

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