Adient Q3 Earnings Exceeds Street View; Cuts FY22 Sales Outlook - Adient (NYSE:ADNT)

Adient Plc ADNT reported third-quarter FY22 sales growth of 7% year-on-year to $3.48 billion, beating the consensus of $3.45 billion.
Sales in the Americas grew 16.2%, EMEA fell 8.5%, and Asia climbed 21.5%.
The gross profit increased 15.3% Y/Y to $173 million with a gross margin of 5%.
Adjusted EBITDA of $143 million rose 21% Y/Y.
The company held $892 million in cash and equivalents as of June 30, 2022. Operating cash flow year-to-date amounted to $38 million. Net debt of Adient totaled $1.8 billion.
Adjusted EPS of $0.08 beat the analyst consensus of $(0.07).
Outlook: Adient sees FY22 sales of about $14 billion (prior view $14.2 billion) versus the consensus of $14.06 billion.
The company expects FY22 adjusted EBITDA of $640 million - $660 million.
Price Action: ADNT shares are trading lower by 0.45% at $33.29 on the last check Friday.