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Adient Q1 Results Miss Estimates; Reaffirms FY24 Net Sales Outlook
(RTTNews) - Automotive seating firm Adient plc (ADNT) reported Wednesday that net income attributable to Adient for the first quarter nearly doubled to $20 million or $0.21 per share from $12 million or $0.13 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter was $0.31 per share, compared to $0.34 per share in the year-ago quarter.
On average, eight analysts polled by Thomson Reuters expected the company to report earnings of $0.47 per share for the quarter. Analysts' estimates usually exclude special items.
Net sales for the quarter decreased to $3.66 billion from $3.70 billion in the same quarter last year. Analysts were looking for $3.71 billion.
Looking ahead to fiscal 2024, the company continues to project consolidated sales between $15.4 billion and $15.5 billion, while analysts' expect $15.59 billion.
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