Adient plc has recently released its 10-Q report, providing a comprehensive overview of its financial performance and operations. Adient engages in the design, development, manufacture, and marketing of seating systems and components for passenger cars, commercial vehicles, and light trucks. The company serves automotive original equipment manufacturers in North America, South America, Europe, the Middle East, Africa, and the Asia Pacific/China. Adient was incorporated in 2016 and is based in Dublin, Ireland.
In the 10-Q report, Adient discusses the factors affecting its operating environment, emphasizing the impact of inflationary pressures and volatile commodity pricing on input costs, higher interest rates, and changes in consumer demand. The company also highlights the ongoing rollout of electric vehicles, which has shown signs of softening, impacting the automotive industry.
The report provides a detailed financial results summary for the second quarter of fiscal 2024, including:
- Net sales of $3,750 million, representing a 4.1% decrease compared to the second quarter of fiscal 2023.
- Gross profit of $230 million, or 6.1% of net sales, decreased by 8% compared to the same period in fiscal 2023.
- Equity income was $18 million, compared to $4 million in the second quarter of fiscal 2023.
- Net loss attributable to Adient was $70 million, compared to a net loss of $15 million in the second quarter of fiscal 2023.
The report also details the consolidated results of operations for the three and six months ended March 31, 2024, including net sales, cost of sales, gross profit, selling, general and administrative expenses, and restructuring and impairment costs.
As a result of these announcements, the company's shares have moved -9.3% on the market, and are now trading at a price of $27.41. If you want to know more, read the company's complete 10-Q report here.
