Adient, a global leader in automotive seating, today reported certain preliminary financial results for the quarter ended Dec. 31, 2018. Revenue in Q1FY19 is expected to be approximately $4,158M versus USD 4204 million in the prior-year quarter. Q1FY19 Adjusted EBITDA is expected to be approximately USD 175 million, versus Q1 Adjusted EBITDA of USD 267 million in the prior year.
Based on the current operating environment and the anticipated timing of turnaround actions underway, Adient expects earnings to improve in the second half of FY19 compared with first half FY19. Additional details related to Adient’s first quarter results and outlook for the remainder of FY19 will be provided on February 7, 2018 during the company’s Q1FY19 earnings call.
“After completing a comprehensive assessment during the first 100 days of my tenure, we are taking actions to improve our financial performance, including assembling a strong management team aligned with turning around our business; reducing our overhead spend; and focusing relentlessly on commercial and operational excellence,” said Doug Del Grosso, president and chief executive officer. “We expect to see the benefits of these actions gaining momentum in the second half of fiscal 2019 as we work to achieve industry-leading margins over the longer term.”
Adient also is continuing to take steps to increase the strength and flexibility of its capital structure to better enable its turnaround. This includes initiating discussions with its bank group to evaluate options to refinance its existing credit facilities, and reviewing various portfolio changes.
Adient is a global leader in automotive seating. With 85,000 employees operating in 234 manufacturing/assembly plants in 34 countries worldwide, we produce and deliver automotive seating for all vehicle classes and all major OEMs. From complete seating systems to individual components, our expertise spans every step of the automotive seat-making process. Our integrated, in-house skills allow us to take our products from research and design all the way to engineering and manufacturing – and into more than 25 million vehicles every year.