Adient Reports Clocks 6% Top-Line Growth In Q1; EPS Miss Street View - Adient (NYSE:ADNT)

Adient Plc ADNT reported first-quarter FY23 sales growth of 6.3% year-on-year to $3.70 billion, beating the consensus of $3.65 billion.
Gross profit increased 33.5% Y/Y to $231 million with a gross margin of 6.2%.
Adjusted EBITDA improved 45% to $212 million with a margin of 5.7% versus 4.2% a year ago.
The company held $901 million in cash and equivalents as of December 2022-end. Operating cash flow for the quarter amounted to $44 million. Net debt of Adient totaled $1.74 billion.
Adjusted EPS of $0.34 missed the analyst consensus of $0.38.
Outlook: Adient sees FY23 sales of about $15 billion (prior view $14.7 billion) versus the consensus of $14.8 billion.
The company continues to expect FY23 adjusted EBITDA of $850 million.
Adient expects to generate ~$200 million of FCF as the company progresses through FY23.
Price Action: ADNT shares are trading lower by 1.66% at $44.91 on the last check Tuesday.