Adient reports strong Q2 financial results; provides update to FY24 outlook

Financial Performance - Q2 GAAP net income and EPS diluted were $(70)M and $(0.77), respectively, while Q2 Adj-EPS diluted was $0 54 [1] - Q2 Adj-EBITDA increased by $12M y-o-y to $227M, with Adj-EBITDA margin improving by 60 bps to 6 1% [1] - Gross debt and net debt stood at ~$2 5B and ~$1 6B, respectively, as of March 31, 2024, with cash and cash equivalents totaling $905M [1] Share Repurchases - The company repurchased $50M worth of shares in Q2, retiring ~1 5M shares, bringing year-to-date share repurchases to $150M and ~4 5M shares [1] FY24 Outlook Update - The company updated its FY24 outlook, citing slow ramp of launches, adverse customer mix, and softer electric vehicle production in the Americas and EMEA [1] Conference Call - Adient's president and CEO, Jerome Dorlack, and CFO, Mark Oswald, will host a conference call to discuss the results at 8:30 a m Eastern today [2] Company Overview - Adient is a global leader in automotive seating with 70,000+ employees in 29 countries and operates more than 200 manufacturing/assembly plants worldwide [3] - The company produces and delivers automotive seating for all major OEMs, covering complete seating systems to individual components [3]