Adient posts US$150 million net income in first quarter

Published:  08 February, 2021

The manufacturer of automotive seating and components posted a net income of US$150 million for the first quarter of the company’s fiscal year 2021.

Adient posted revenue of US$3.85 billion in its fiscal first quarter. Adjusted EBITDA of US$378 million was up US$81 million or just under 30% year-on-year, and adjusted EBITDA margin performance was 9.8%, or 7.4% excluding equity income. Sales totalled US$3.8 billion in the quarter, down about 2% year-over-year. Jeff Stafeil, Executive Vice President and Chief Financial Officer, Adient, said that the company’s sales were strong in China and outperformed vehicle production in the region. According to Stafeil, Adient is not changing its guidance and now expects consolidated revenue to trend toward the upper end of the range provided back in November, at approximately US$15 billion.