Adient (NYSE: ADNT), a global leader in automotive seating, today announced that it is changing its earnings release and conference call date for the fourth quarter fiscal 2020 as a result of a delay in reporting at one of its unconsolidated joint ventures in China, impacting the company’s ability to complete its financial statements. Adient now plans to release financial results from the fourth quarter fiscal 2020 on Monday, Nov. 30, 2020, prior to the market open.
On a preliminary basis, based on the information currently available, Adient expects:
• Q4FY20 revenue of approximately USD 3.6 billion, slightly higher compared with previously issued guidance of between USD 3.3 billion to USD 3.5 billion
• Q4FY20 Adj. EBITDA excluding equity income of approximately USD 200 million, significantly higher compared with previously issued guidance of between USD 130 million to USD 140 million
• Q4FY20 free cash flow of approximately USD 450 million (comprised and defined as operating cash flow of approximately USD 520 million less capital expenditures of approximately USD 70 million), higher compared with previously issued guidance of between USD 300 million to USD 400 million
• Cash and cash equivalents of approximately USD 1.7 billion at Sept. 30, 2020; total liquidity of ~USD 2.5 billion (comprised of cash on hand of ~USD 1.7 billion and USD 800 million of undrawn capacity under the company’s revolving line of credit)
• Gross debt and net debt of approximately USD 4.3 billion and USD 2.6 billion, respectively; Adient voluntarily began to repay a portion of its debt in Q4FY20 (USD 103.5 million in principal using ~USD 100 million in cash)
The financial information contained in this press release is preliminary and subject to change based on the completion of Adient’s financial statements for the quarter and fiscal year ended Sept. 30, 2020.
Adient (NYSE: ADNT) is a global leader in automotive seating. With approximately 77,000 employees in 32 countries, Adient operates 202 manufacturing/assembly plants worldwide. We produce and deliver automotive seating for 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 to engineering and manufacturing — and into more than 23 million vehicles every year.