Adient Plc (ADNT) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Adjusted EBITDA increased during the second quarter of fiscal 2021 by $79 million due to operational performance improvements including lower overhead and freight costs ($16 million), the impact of favorable commercial settlements and net pricing adjustments ($36 million), lower administrative and engineering expense ($16 million), and favorable volume and mix ($24 million), partially offset by the impact of prior year divestitures primarily consisting of the fabrics business ($3 million), unfavorable net commodity pricing adjustments ($2 million) and operational inefficiencies as a result of unplanned production stoppages stemming from semiconductor shortages and to a lesser extent COVID-19 related costs ($8 million).

Adient currently estimates that upon completion of the restructuring actions, the fiscal 2020 restructuring plan will reduce annual operating costs by approximately $3 million, which is primarily the result of lower costs of sales and selling, general and administrative expenses due to reduced employee-related costs, of which approximately 35%-40% will result in net savings.

Adient currently estimates that upon completion of the restructuring actions, the fiscal 2020 restructuring plan will reduce annual operating costs by approximately $69 million, which is primarily the result of lower costs of sales and selling, general and administrative expenses due to reduced employee-related costs, of which approximately 35%-40% will result in net savings.