Adient reports USD491 million net loss for FY2019
Company expects USD15.6 billion to USD15.8 billion in FY2020
Adient has reduced its net loss to USD491 million in the financial year ended 30 September 2019 compared to USD1.7 billion a year earlier, the US-based automotive seating and interior systems supplier said in a press release on 7 November. Sales declined 5.2% y/y to USD16.5 billion. Despite lower sales, Adient was able to report EBIT income of USD229 million compared to EBIT loss of USD1 billion a year earlier. The company benefited from its ongoing focus on cost reduction which reflected in lower cost of sales, selling, general and administrative (SG&A) expenses and restructuring costs compared with a year earlier. The company recorded adjusted EBITDA of USD787 million, down 34.1% y/y.