Adient Q3 Results Miss Estimates; Guides FY24 Below View
(RTTNews) - Automotive seating firm Adient plc (ADNT) reported Wednesday that net income attributable to Adient for the fourth quarter surged to $135 million or $1.42 per share from $45 million or $0.47 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter was $0.51 per share, compared to $0.53 per share in the year-ago quarter.
On average, nine analysts polled by Thomson Reuters expected the company to report earnings of $0.59 per share for the quarter. Analysts' estimates usually exclude special items.
Net sales for the quarter increased to $3.73 billion from $3.65 billion in the same quarter last year. Analysts were looking for $3.77 billion.
Looking ahead to fiscal 2024, the company now projects consolidated sales between $15.6 billion and $15.7 billion, while analysts' expect $15.95 billion.
Separately, Adient announced that Doug Del Grosso has elected to retire as president, chief executive officer (CEO) and a director of Adient's Board of Directors, effective December 31, 2023.
The company has promoted CFO Jerome Dorlack to succeed Del Grosso. Mark Oswald, currently Adient's vice president, treasurer, investor relations and corporate communications, will be appointed executive vice president and CFO, succeeding Dorlack.
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