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Adient (ADNT) Q3 Earnings & Revenues Top Estimates, Down Y/Y
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Adient PLC (ADNT - Free Report) reported adjusted earnings per share of 38 cents in the third quarter of fiscal 2019, which beat the Zacks Consensus Estimate of 31 cents. The adjusted bottom-line figure in the year-ago quarter was $1.45.
Reportedly, quarterly net loss came in at $321 million against net income of $54 million in the prior-year quarter.
During the quarter under review, the company generated net sales of $4.2 billion, down from $4.5 billion in third-quarter fiscal 2018. However, the top line surpassed the Zacks Consensus Estimate of $4.1 billion.
During the reported quarter, net sales in the Seat Structures & Mechanisms (SS&M) segment totaled $1.86 billion, down from $2.40 billion in third-quarter fiscal 2018. Further, the Interior segment generated net sales of $1.75 billion, down from $2.35 billion in the prior-year quarter.
Segment Results
During fiscal third quarter, the company realigned its organizational structure to manage business on the basis of geographical regions. Adient currently operates through three reportable segments — Americas, which includes North America and South America; Europe, Middle East, and Africa (“EMEA”); and Asia Pacific/China ("Asia").
In the Americas, the company generated adjusted EBITDA of $69 million in third-quarter fiscal 2019 compared with $99 million recorded in the prior-year quarter. The plunge was caused by negative business performance, mix and higher SG&A costs.
In EMEA, Adient’s quarterly adjusted EBITDA was $53 million compared with $97 million in the prior-year quarter. The downside was due to lower volume, negative impact of foreign currencies and product launch inefficiencies.
In Asia, the company’s quarterly adjusted EBITDA was $110 million compared with $146 million in the third quarter of fiscal 2018. The decline was caused by lower volume and equity income.
Adient had cash and cash equivalents of $1.02 billion as of Jun 30, 2019 compared with $687 million as of Sep 30, 2018. As of the same date, net debt amounted to $2.75 billion, up from $2.74 billion as of Sep 30, 2018.
In the third quarter, cash inflow by operating activities was $266 million compared with $390 million in the same period of fiscal 2018. Capital expenditure declined to $98 million from $138 million recorded in the prior-year quarter.
Zacks Rank & Stocks to Consider
Currently, Adient has a Zacks Rank #5 (Strong Sell).
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CarMax has an expected long-term growth rate of 12.6%. In the past year, shares of the company have moved up 13.6%.
Gentex has an expected long-term growth rate of 5%. In the past year, shares of the company have returned 13.9%.
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Adient (ADNT) Q3 Earnings & Revenues Top Estimates, Down Y/Y
Adient PLC (ADNT - Free Report) reported adjusted earnings per share of 38 cents in the third quarter of fiscal 2019, which beat the Zacks Consensus Estimate of 31 cents. The adjusted bottom-line figure in the year-ago quarter was $1.45.
Reportedly, quarterly net loss came in at $321 million against net income of $54 million in the prior-year quarter.
During the quarter under review, the company generated net sales of $4.2 billion, down from $4.5 billion in third-quarter fiscal 2018. However, the top line surpassed the Zacks Consensus Estimate of $4.1 billion.
During the reported quarter, net sales in the Seat Structures & Mechanisms (SS&M) segment totaled $1.86 billion, down from $2.40 billion in third-quarter fiscal 2018. Further, the Interior segment generated net sales of $1.75 billion, down from $2.35 billion in the prior-year quarter.
Segment Results
During fiscal third quarter, the company realigned its organizational structure to manage business on the basis of geographical regions. Adient currently operates through three reportable segments — Americas, which includes North America and South America; Europe, Middle East, and Africa (“EMEA”); and Asia Pacific/China ("Asia").
In the Americas, the company generated adjusted EBITDA of $69 million in third-quarter fiscal 2019 compared with $99 million recorded in the prior-year quarter. The plunge was caused by negative business performance, mix and higher SG&A costs.
In EMEA, Adient’s quarterly adjusted EBITDA was $53 million compared with $97 million in the prior-year quarter. The downside was due to lower volume, negative impact of foreign currencies and product launch inefficiencies.
In Asia, the company’s quarterly adjusted EBITDA was $110 million compared with $146 million in the third quarter of fiscal 2018. The decline was caused by lower volume and equity income.
Adient PLC Price, Consensus and EPS Surprise
Adient PLC price-consensus-eps-surprise-chart | Adient PLC Quote
Financials
Adient had cash and cash equivalents of $1.02 billion as of Jun 30, 2019 compared with $687 million as of Sep 30, 2018. As of the same date, net debt amounted to $2.75 billion, up from $2.74 billion as of Sep 30, 2018.
In the third quarter, cash inflow by operating activities was $266 million compared with $390 million in the same period of fiscal 2018. Capital expenditure declined to $98 million from $138 million recorded in the prior-year quarter.
Zacks Rank & Stocks to Consider
Currently, Adient has a Zacks Rank #5 (Strong Sell).
Some better-ranked stocks in the auto space are Fox Factory Holding Corp (FOXF - Free Report) , CarMax, Inc (KMX - Free Report) and Gentex Corporation (GNTX - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Fox Factory has an expected long-term growth rate of 16.7%. In the past year, shares of the company have rallied 17%.
CarMax has an expected long-term growth rate of 12.6%. In the past year, shares of the company have moved up 13.6%.
Gentex has an expected long-term growth rate of 5%. In the past year, shares of the company have returned 13.9%.
This Could Be the Fastest Way to Grow Wealth in 2019
Research indicates one sector is poised to deliver a crop of the best-performing stocks you'll find anywhere in the market. Breaking news in this space frequently creates quick double- and triple-digit profit opportunities.
These companies are changing the world – and owning their stocks could transform your portfolio in 2019 and beyond. Recent trades from this sector have generated +98%, +119% and +164% gains in as little as 1 month.
Click here to see these breakthrough stocks now >>