Adient Quarterly Earnings: Net Profit Swings to $12 Million

auto seat suppliers Adient Sales and earnings improved in the first quarter, but management said the production disruption had lasted longer than expected, hurting profitability.

The company achieved a net profit of $12 million from a loss of $54 million in the same quarter last year.

Adient said financial results released on Tuesday showed adjusted EBITDA of $212 million for the quarter, up 45 percent year-over-year to record $3.7 billion in revenue.

Profitability improved to 5% from 3.8% in the previous quarter as a recovery in commerce and lower commodity costs continued to weigh on profitability.

The Irish-based, Plymouth, Michigan-based company expects to reach full-year sales of $15 billion in 2023, and said it reaffirms its previous guidance, but shares earnings forecasts was reduced by more than 20% to $70 million.

“We are still far from ideal,” CFO Jerome Dorlack said on a conference call with investors. It is not operating at what we would call efficient.”

Adient (NYSE: ADNT) The stock fell 3% to $44.33 per share on Tuesday morning, but recovered by noon.

“The overall business environment remains volatile,” Dorlack said, but expects “significant improvement” in the second half of 2023. Fast as expected. Adient Quarterly Earnings: Net Profit Swings to $12 Million

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