Adient Clocks 10% Revenue Decline In Q1

• Adient PLC (NYSE:ADNT) reported a first-quarter FY22 sales decline of 10% year-on-year, to $3.48 billion, beating the analyst consensus of $3.11 billion.
• The revenue decrease was driven by significantly lower global production volumes related to semiconductor and supply chain disruptions.
• The gross profit fell 49.3% Y/Y to $173 million.
• Adjusted EPS loss of $(0.38) missed the analyst consensus of $(0.24).
• Adjusted EBITDA of $146 million fell 61.4% Y/Y.
• The company held $2.1 billion in cash and equivalents as of December 31, 2021. The net debt of Adient amounted to $1.6 billion as of December 31, 2021.
• Adient expects macro factors including supply chain disruptions, elevated commodity prices, increased freight costs, labor availability & inflation to continue to influence near-term results.
• Price Action: ADNT shares traded higher by 0.27% at $42.90 on the last check Friday.