Adient(US:ADNT) ZACKS·2024-08-08 16:21Core Viewpoint - Adient reported a decline in adjusted earnings per share (EPS) and net sales for the third quarter of fiscal 2024, missing consensus estimates [1] Financial Performance - Adjusted EPS for Q3 2024 was 32 cents, down from 98 cents in the same period last year, and below the Zacks Consensus Estimate of 67 cents [1] - Net sales totaled $3.72 billion, an 8% decrease year over year, and also missed the Zacks Consensus Estimate of $3.81 billion [1] Segmental Performance - Americas Segment: Revenues were $1.74 billion, an 8.6% decline year over year, missing the estimate of $1.76 billion. Adjusted EBITDA increased to $99 million from $95 million, exceeding the estimate of $67 million due to efficiencies [2] - EMEA Segment: Revenues fell to $1.29 billion, a 10.4% decline year over year, missing the estimate of $1.35 billion. Adjusted EBITDA dropped significantly to $25 million from $103 million, missing the estimate of $91 million due to lower customer releases [3] - Asia Segment: Revenues were $712 million, down 4% year over year, missing the estimate of $729 million. Adjusted EBITDA rose 1% to $101 million, beating the estimate of $95 million due to efficiencies [3] Financial Position - Cash and cash equivalents stood at $890 million as of June 30, 2024, down from $1.11 billion as of September 30, 2023 [4] - Long-term debt was reported at $2.4 billion [4] - Capital expenditures totaled $70 million, an increase from $60 million in the prior-year quarter [4] - The company repurchased approximately 2.6 million shares for $75 million during the quarter [4] Revised Guidance for 2024 - Adient revised its fiscal 2024 revenue guidance to $14.6 billion, down from the previous range of $14.80-$14.90 billion [5] - Adjusted EBITDA is now estimated at $870 million, reduced from the prior guidance of $900-$920 million [5] - Free cash flow is anticipated to be $250 million, with capital expenditures and cash tax estimates adjusted to $285 million and $100 million, respectively [5]