Adient Posts Wider Loss In Q2, Cuts FY24 Guidance; Stock Falls

(RTTNews) - Adient plc (ADNT) posted a second quarter net loss attributable to company of $70 million compared to a loss of $15 million, last year. Loss per share was $0.77 compared to a loss of $0.16. Adjusted profit per share increased to $0.54 from $0.32. On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $0.42 for the quarter. Analysts' estimates typically exclude special items.

Net sales were $3.75 billion compared to $3.91 billion, previous year. Analysts expected revenue of $3.79 billion for the quarter.

For fiscal 2024, the company now expects consolidated sales in a range of approximately $14.8 billion - $14.9 billion, revised from prior guidance range of approximately $15.4 billion-$15.5 billion. Analysts expect the company to report revenue of $15.47 billion. Adjusted EBITDA is now projected in a range of approximately $900 million- $920 million, updated from prior outlook of approximately $985 million.

Shares of Adient plc are down 7% in pre-market trade on Friday.

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