This is an increase of 6% year-on-year. Earnings before interest and taxes (EBIT) for the period was US$114 million and net income totalled US$12 million.
On an adjusted basis, EBIT totalled US$135 million, and EBITDA was US$212 million, an increase of 45% year-on-year, while net income was US$33 million.
Regionally, the majority of the group’s revenue came from Asia, where adjusted EBITDA was up by 21% to US$138 million. In the Americas, it was up by 667% from US$9 million to US$69 million and, in the EMEA region, Adient saw a decrease of 34.9% from US$43 million to US$28 million.
Adient attributed its substantial growth in the Americas to improved volume and mix, net material margin performance (including benefits associated with its restructured joint venture pricing agreement), and lower selling, general, and administrative expenses (SG&A). Partially offsetting these benefits were increased non-ocean freight costs.
Meanwhile, the decrease in EMEA came down to increased utilities and labour inflation, net commodity costs, non-ocean freight and, to a lesser extent, engineering and foreign exchange. These headwinds were partially offset by improved net material margin performance, improved launch and ops waste, and lower SG&A.
Looking forward, Adient is forecasting consolidated sales in the region of US$15 billion for the full 2023 financial year, while adjusted EBITDA is expected to be around US$850 million.
Jerome Dorlack, Executive Vice President and Chief Financial Officer, said: “Adient’s global teams executed well despite the challenging operating environment, delivering improved year-on-year financial results. Adient’s solid operational execution combined with an intense focus on cash management enabled the company to finish the quarter with total liquidity of about US$1.9 billion, including a strong cash balance of US$901 million.”
