Adient (ADNT) Reports Prelim. 1Q19 Revenue Results Above Consensus

Adient (NYSE: ADNT) today reported certain preliminary financial results for the quarter ended Dec. 31, 2018. Revenue in Q1FY19 is expected to be approximately $4,158M versus $4,204M in the prior-year quarter. Q1FY19 Adjusted EBITDA is expected to be approximately $175M, versus Q1 Adjusted EBITDA of $267M 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 Feb. 7 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.

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