Adient reports solid second quarter 2021 financial results despite a turbulent production environment
PLYMOUTH, Mich. , May 6, 2021 |PRNewswire| -- Adient (NYSE: ADNT ), a global leader in automotive seating, today announced second quarter 2021 financial results. Q2 GAAP net income and EPS diluted of $69M and $0.72 respectively; Q2 Adj.-EPS diluted of $1.15 Q2 Adj.-EBITDA of $303M , up $92M y-o-y; Q2 Adj. EBITDA margin of 7.9%, up 190 bps y-o-y Cash and cash equivalents of $984M at March 31, 2021 (cash used during the quarter to voluntarily pay down debt totaled ~$700M ) Subsequent to the quarter, Adient amended and extended its Term Loan B and exercised an early redemption option on the company's 7.00% senior first lien notes due 2026 Adient reaffirms FY21 Adj.-EBITDA of between $1.0B and $1.1B ; increased macro pressures (rising commodity prices and lower volumes) combined with phasing of normal business drivers (i.e., commercial settlements and engineering spend) expected to weigh on second-half Adj.-EBITDA For complete details and to see reconciliations of non-GAAP measures to their most directly comparable GAAP measures, visit the events section of the Adient investor website at www.investors.adient.com|events-and-presentations|events to download the full press release and earnings presentation.
Adient reports solid second quarter 2021 financial results despite a turbulent production environment
PLYMOUTH, Mich. , May 6, 2021 |PRNewswire| -- Adient (NYSE: ADNT ), a global leader in automotive seating, today announced second quarter 2021 financial results. Q2 GAAP net income and EPS diluted of $69M and $0.72 respectively; Q2 Adj.-EPS diluted of $1.15 Q2 Adj.-EBITDA of $303M , up $92M y-o-y; Q2 Adj. EBITDA margin of 7.9%, up 190 bps y-o-y Cash and cash equivalents of $984M at March 31, 2021 (cash used during the quarter to voluntarily pay down debt totaled ~$700M ) Subsequent to the quarter, Adient amended and extended its Term Loan B and exercised an early redemption option on the company's 7.00% senior first lien notes due 2026 Adient reaffirms FY21 Adj.-EBITDA of between $1.0B and $1.1B ; increased macro pressures (rising commodity prices and lower volumes) combined with phasing of normal business drivers (i.e., commercial settlements and engineering spend) expected to weigh on second-half Adj.-EBITDA For complete details and to see reconciliations of non-GAAP measures to their most directly comparable GAAP measures, visit the events section of the Adient investor website at www.investors.adient.com|events-and-presentations|events to download the full press release and earnings presentation.