Adient reports lower losses despite Covid-19 pandemic

Worldwide
Published:  07 May, 2020
Credit: Adient

The U.S. headquartered automotive seating and components manufacturer has posted a net loss of US$19 million for the second quarter of the company’s fiscal 2020, compared with a net loss of US$149 million in the same quarter of 2019.

Adient has posted a net loss of US$19 million on revenue of US$3.5 billion for the second quarter ended March 31, 2020, compared with a net loss of US$149 million on revenue of US$4.2 billion a year ago. Adjusted EPS diluted was US$0.62. The company has attributed US$530 million of its US$717 million decline in revenue during the quarter to the impact on sales of the Covid-19 outbreak, particularly due to lower vehicle production in Asia. On March 31, Adient said it issued US$600 million of senior secured notes to improve its cash position. The company said all of its China operations have reopened, and that the automotive industry in China “continues to trend in a positive direction”.