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Adient Delays Fiscal Fourth Quarter Earnings Release but Preliminary Results Better Than It Guided

Analyst Note

| David Whiston, CFA, CPA, CFE |

Adient announced on the evening of Nov. 9 that it is delaying reporting its fiscal 2020 fourth quarter results to Nov. 30 from Nov. 11, citing “a delay in reporting at one of its unconsolidated joint ventures in China, impacting the company’s ability to complete its financial statements.” Management did release some initial fiscal fourth quarter results that were notably better than fourth quarter guidance given on Aug. 6 and we see no reason to change our fair value estimate from the news. A valuation change may result from rolling our model for the 10-K, which we expect will also be filed on Nov. 30.

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Company Profile

Business Description

Adient began trading Oct. 31, 2016, when Johnson Controls spun off its automotive experience segment into this new company. Adient is the leading seating supplier to the industry with about one third of the global market as well as a dominant share in China of about 45%. Operations in China are accounted for under the equity method so revenue there is unconsolidated. Unconsolidated seating and interiors revenue from joint ventures totaled $15.6 billion in fiscal 2019. The company is headquartered in Ireland but has corporate offices in the Detroit area. Fiscal 2019 consolidated revenue, excluding joint venture sales, was $16.5 billion.

25-28 North Wall Quay, IFSC, Dublin 1
Dublin, D01 H104, Ireland
T +353 7342545000
Sector Consumer Cyclical
Industry Auto Parts
Most Recent Earnings Jun 30, 2020
Fiscal Year End Sep 30, 2020
Stock Type
Employees 83,000