Adient (ADNT) Misses Q3 EPS by 70c, Revenues Beat; Offers FY20 Revenue Mid-Point Guidance Above Consensus

Adient (NYSE: ADNT) reported Q3 EPS of ($2.78), $0.70 worse than the analyst estimate of ($2.08). Revenue for the quarter came in at $1.63 billion versus the consensus estimate of $1.61 billion.

Link to 3Q Earnings Release

• Impacted by COVID-19 and one-time, non-cash charges, Q3 GAAP net loss and EPS diluted of $(325)M and $(3.46) respectively; Q3 Adj.-EPS diluted of $(2.78)
• Q3 Adj.-EBITDA of $(122)M, down $327M y-o-y (includes ~$400M impact from COVID-19); Adient's financial results improved sequentially by month as the quarter progressed and operations in the Americas and EMEA restarted
• Cash and cash equivalents of $1,032M at June 30, 2020 (production restarts during the quarter resulted in a temporary trade working capital headwind, expected to unwind in Q4, of ~$500M in Q3); total liquidity at June 30, 2020 was ~$1.2B

GUIDANCE:

Adient sees Q4 2020 revenue of $3.3-3.5 billion, versus the consensus of $3.31 billion.

For earnings history and earnings-related data on Adient (ADNT) click here.

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