Why Automotive Seating Company Adient Shares Are Gaining Today

Adient Plc ADNT reported its unaudited preliminary financial performance for the quarter ending December 31, 2023.

The automotive seating company forecasts its first-quarter 2024 revenue to be approximately $3.7 billion, maintaining a steady level compared to 2023’s figures and slightly under the analyst consensus of $3.72 billion.

For the first quarter of 2024, Adient anticipates an Adjusted EBITDA of around $215 million, a slight increase from $212 million in the same quarter of the previous year.

Jerome Dorlack, Adient’s President and CEO, commented on the results, “Building on the momentum established in 2023, Adient’s preliminary Q1 results demonstrate we are off to a solid start in FY24 despite the UAW strike-related production stoppages at certain of our customers in the Americas.”

“We continue to expect improved earnings and margin in FY24 vs. FY23,” Dorlack added.

Adient plans to discuss its first-quarter 2024 financial results on February 7, 2024.

Price Action: ADNT shares are trading higher by 5.06% at $34.81 on the last check Monday.