Adient Plc (ADNT) 10-Q Quarterly Report February 2021

The following information was filed by Adient Plc (ADNT) on Friday, February 5, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Adient Plc's 10-Q Quarterly Report:

Revenue - Geography Highlight
Americas Net sales decreased during the first quarter of fiscal 2021 by $122 million due to lower production volumes (despite the $55 million impact of the GM strike in the first quarter of fiscal 2020) resulting primarily from the timing of new program launches ($97 million), the impact of the prior year divestiture of RECARO ($10 million), the unfavorable impact of foreign currency ($22 million) and the unfavorable impact of material economics, net of recoveries ($7 million), partially offset by the impact of favorable commercial settlements and net pricing adjustments ($14 million).

Revenue - Geography Highlight
Adient plc | Form 10-Q | 38 Asia Net sales decreased during the first quarter of fiscal 2021 by $18 million due to lower overall production volumes in the region, primarily associated with export reductions in Japan and Thailand ($16 million), the impact of the prior year divestiture of RECARO ($14 million), the unfavorable impact of commercial settlements and net pricing adjustments ($8 million), partially offset by the favorable impact of foreign currency ($20 million).
Financial - Expense Highlight
Adjusted EBITDA increased during the first quarter of fiscal 2021 by $38 million due to operational performance improvements including lower overhead and freight costs ($10 million), the impact of favorable commercial settlements and net pricing adjustments ($26 million, of which approximately $20 million are not expected to recur), lower administrative and engineering expense that includes the impact of the prior year divestiture of RECARO and lower levels of certain compensation and discretionary spending which are not expected to recur as part of the annual SG&A run rate ($2 million), favorable product mix ($4 million), and the favorable impact of foreign currency ($1 million), partially offset by the unfavorable net commodity pricing adjustments ($5 million).
Financial - Income Highlight
Adient plc | Form 10-Q | 35 Income Attributable to Noncontrolling Interests Three Months EndedDecember 31, (in millions) 2020 Change 2019 Income (loss) attributable to noncontrolling interests $ 23 -8% $ 25 The decrease in income attributable to noncontrolling interests for the first quarter of fiscal 2021 when compared to the same period in the prior year was primarily attributable to lower income resulting from lower volumes at certain Seating affiliates in varying jurisdictions in the current periods.
Financial - Earnings Highlight
Profitability, including gross profit as a percentage of net sales, was higher due to operational performance improvements including higher levels of launch efficiencies and lower operational waste and freight cost, and favorable commercial settlements, partially offset by unfavorable material economics, net of recoveries.
Revenue - Product
The timing of new program...Read more
Financial - Cash Flow
Investing Cash Flows: The decrease...Read more
Financial - Income
The first quarter of fiscal...Read more
Financial - Expense
Adjusted EBITDA increased during the...Read more
Financial - Expense
In addition to the significant...Read more
Revenue - Geography
(7) The three months ended...Read more
Revenue - Product
EMEA Net sales increased during...Read more
Financial - Income
Income Tax Provision The first...Read more
Other - Other
Additional information regarding these and...Read more
Financial - Expense
Selling, General and Administrative Expenses...Read more
Other - Other
Trade working capital was favorably...Read more
Revenue - Product
Until consumers regain confidence in...Read more
Financial - Cash Flow
Sources of Cash Flows Operating...Read more
Other - Other
Future adverse developments in the...Read more
Financial - Earnings
Net Income (Loss) Attributable to...Read more
Financial - Income
The higher level of income...Read more
Other - Other
New Accounting Pronouncements See Note...Read more
Financial - Debt
The agreements also provide for...Read more
Financial - Cash Flow
Adient plc | Form 10-Q...Read more
Financial - Earnings
Interest on the Term Loan...Read more
Financial - Shares
(3) Reflects amortization of intangible...Read more
Revenue - Product
Consolidated Results of Operations Net...Read more
Financial - Debt
The ABL Credit Facility, Term...Read more
Other - Other
Adient took significant measures to...Read more
Financial - Expense
Adient's management closely monitors its...Read more
Revenue - Geography
The increase is primarily attributable...Read more
Financial - Earnings
Adient plc | Form 10-Q...Read more
Other - Other
The reportable segments are consistent...Read more
Other - Other
During the third quarter of...Read more
Other - Other
Forward-looking statements can also be...Read more
Financial - Debt
These notes will mature on...Read more
Financial - Earnings
Higher levels of net income...Read more
Financial - Expense
Adient is seeking to take...Read more
Other - Other
Capital expenditures: Capital expenditures decreased...Read more
Other - Other
The resumption of production in...Read more
Financial - Expense
Generally, Adient has been able...Read more
Other - Other
Effective July 1, 2020, Adient...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Adient Plc provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: ADNT
CIK: 1670541
Form Type: 10-Q Quarterly Report
Accession Number: 0001670541-21-000007
Submitted to the SEC: Fri Feb 05 2021 4:30:33 PM EST
Accepted by the SEC: Fri Feb 05 2021
Period: Thursday, December 31, 2020
Industry: Motor Vehicle Parts And Accessories