Continuing its losses from the previous two quarters, the company reported a loss of US$30 million for net income in the period. However, with losses of US$54 million in Q1 and US$81 million in Q2, the company has shown an improvement.
Revenue for the third quarter was US$3.49 billion, an increase of 7% year-on-year, while EBIT came in at US$35 million, down 20%.
In a statement, Adient said that it “continues to proactively manage through numerous external factors including significantly lower industry volumes (and resulting operating inefficiencies) and rising input costs (i.e. freight, utility and labour), all of which continue to impact the industry and the company’s near-term results”.
On an adjusted basis, Adient reported EBIT of US$64 million for the period (up 73%) and net income of US$8 million.
Regionally, in terms of adjusted EBITDA, the company reported a result of US$70 million for the Americas in the third quarter, US$31 million for EMEA and US$64 million for Asia.
Looking forward, Adient has forecast consolidated sales for the full 2022 financial year of around US$14 billion, and adjusted EBITDA of between US$640-660 million.
The company said: “Despite encouraging signs that began to emerge in late Q3FY22, such as the lifting of widespread Covid lockdowns in China and softening steel prices, the company expects numerous external factors including challenged industry volumes (and resulting operating inefficiencies), increased input costs (i.e. energy, freight and labour) and the negative impact of foreign exchange will continue to influence the industry and Adient’s near term results (i.e. next one to two quarters, diminishing as FY23 progresses).”
The full results, including the company’s explanation of its adjusted non-GAAP results, can be found on the Adient website.