Adient Stock Price, News & Analysis

Adient (NYSE: ADNT) announced the early results of its tender offers for outstanding senior notes. In the U.S. Tender Offer, approximately $507,390,000 (84.57%) of the 2025 Notes were tendered. The company will accept all validly tendered notes and plans to amend terms significantly. Additionally, in the EUR Tender Offer, around €473,315,000 (47.33%) of 2024 Notes were tendered, leading to oversubscription. The settlement for accepted notes is expected on February 10, 2022. The Tender Offers will expire on February 23, 2022.

Adient (NYSE: ADNT) reported a Q1 2022 GAAP net loss of $(54)M and diluted EPS of $(0.57). Adjusted EPS was $(0.38), with Adj.-EBITDA at $146M, down $232M year-over-year. Cash reserves stood at $2,080M as of December 31, 2021, while gross and net debts were $3,656M and $1,576M, respectively. Post-quarter, the company initiated $800M in debt tender offers to improve its balance sheet. The financial results reflect ongoing challenges in the automotive sector, including supply chain disruptions.

Adient plc (NYSE: ADNT) announced a cash tender offer for its 9.00% Senior First Lien Notes due 2025 and a maximum aggregate principal offer for its 3.50% Senior Unsecured Notes due 2024. The offers aim to retire debt and include a consent solicitation for the 2025 Notes to amend covenants and events of default. The U.S. Issuer intends to purchase any and all 2025 Notes tendered, while the Jersey Issuer sets a maximum of €177 million for the 2024 Notes. The tender offers expire on February 23, 2022, with early tender incentives available until February 8, 2022.

Fabrinet (NYSE: FN) has appointed Darlene Knight to its Board of Directors and as a member of the Audit Committee. Knight brings extensive experience in multinational manufacturing, notably in the automotive sector with Adient and Johnson Controls. Her leadership is expected to enhance Fabrinet's strategic direction. Knight aims to contribute to the company’s advancements, leveraging her background from roles at General Motors and other leading firms in the manufacturing industry.

Adient (NYSE: ADNT) will host a call for financial analysts on February 4, 2022, at 8:30 a.m. (ET), to discuss its first quarter fiscal 2022 financial results. The call will feature President and CEO Douglas Del Grosso and CFO Jeff Stafeil. Participants can access the live webcast and presentation materials on the Adient Investor Relations website. A replay will also be available. Adient is a leader in automotive seating with approximately 75,000 employees in 33 countries, operating 208 manufacturing plants globally.

Adient, a leader in automotive seating, will present at the Barclays Global Automotive and Mobility Tech Conference on November 17, 2021. The presentation will feature CEO Doug Del Grosso and CFO Jeff Stafeil in a fireside chat at 1:15 p.m. Eastern time. Investors can access a live webcast through the investor section of the Adient website. With a workforce of approximately 75,000 in 33 countries, Adient produces seating solutions for major OEMs, contributing to over 20 million vehicles annually.

Adient (NYSE: ADNT) reported its Q4 2021 results, posting a GAAP net income of $960 million or $10.02 EPS, largely due to one-time gains from a strategic transaction in China. However, adjusted EPS was $(0.24) with adjusted EBITDA at $118 million, down $169 million year-over-year. Cash and equivalents stood at $1.521 billion as of Sept. 30, 2021. Looking ahead, Adient anticipates continued pressures on earnings and cash flow due to ongoing macroeconomic challenges in the automotive industry.