Revenue for the period was US$3.5 billion, a drop of 11% year-on-year, while EBIT came in at US$46 million, down 80%.
The company reported that its results were impacted by around US$160 million due to lower volumes, temporary operating inefficiencies and increased freight and commodities costs.
In a statement, Adient said: “Continuing the trend established in H2FY21, numerous external factors including supply chain disruptions (and resulting operating inefficiencies) elevated commodity prices, increased freight costs, and labour availability and inflation continue to influence the industry and Adient’s near-term results.
“The conflict in Ukraine and widespread Covid lockdowns in China magnified the downward pressures impacting the industry and is diminishing expectations that the environment will improve as FY22 progresses. Adient continues to execute actions to help mitigate the external factors pressuring near-term results including, but not limited to, operational improvements, quality launches, significant focus on costs, ongoing commercial discussions and more.”
On an adjusted basis, net income was a loss of US$12 million and EBIT was US$79 million. In the Americas, adjusted EBITDA for the second quarter was US$46 million down from US$64 million a year previous. In the EMEA region, it was US$30 million (down from US$141 million) and, in Asia, the company achieved US$105 million, down from US$121 million.
For the full 2022 financial year, Adient is currently forecasting consolidated sales of around US$14.2 billion, a US$0.6 billion drop from its previous estimate. Adjusted EBITDA is now forecast to be more than US$100 million lower than 2021’s pro forma results of US$810 million.
