Adient (NYSE:ADNT) PLC has reported a significant financial recovery in FY 2023, with a net income of $205 million, a stark contrast to the loss of $120 million suffered in FY 2022. The diluted EPS for the company increased to $2.15 from a negative $1.27 per share in FY 2022.
The company's quarterly net sales saw a slight increase, rising to $3.729 billion from the previous year's $3.650 billion. However, there was a dip in gross profit which fell to $250 million from $283 million in the previous fiscal year.
In terms of liquidity, Adient saw an improvement with cash and equivalents rising to $1.110 billion from the previous year's figure of $947 million. Total assets also saw an increase, growing to $9.424 billion compared to the previous year's figure of $9.158 billion. Furthermore, long-term debt decreased to $2.401 billion from $2.564 billion.
The company operates through three geographic segments: Americas, EMEA, and Asia, which reported respective net sales of $1.835 billion, $1.174 billion and $748 million for the quarter. Adjusted EBITDA showed mixed performance across these segments.
Cash flow from operating activities was robust at $667 million for the fiscal year, marking a significant increase from the previous year's figure of $274 million. As part of cost containment efforts, selling, general and administrative expenses were reduced to $127 million. Meanwhile, capital expenditures were maintained at a steady level of $252 million.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.