Mon, Nov 18, 9:18 PM (117 days ago)
**Adient plc (ADNT) 10-K Summary for Fiscal Year Ended September 30, 2024** Adient plc reported net sales of $14,688 million, a 5% decrease from the previous year, attributed to lower production volumes across all regions, unfavorable currency impacts, and material recovery challenges. Gross profit fell to $928 million (6.3% of sales) from $1,033 million (6.7% of sales), influenced by reduced volumes and operating performance in EMEA, alongside increased restructuring costs totaling $168 million. Net income dropped 91% to $18 million due to these factors and higher tax expenses. Strategically, Adient focuses on long-term relationships with major OEMs, leveraging its global manufacturing capabilities and technological investments to enhance operational efficiencies. The company aims to expand its market share in the automotive seating sector, particularly in growing regions like Southeast Asia. The future outlook remains cautious, with macroeconomic pressures and a heightened risk of goodwill impairment in EMEA, where fair value is closely monitored against carrying values. Key risks include global economic conditions, supply chain disruptions, and fluctuating commodity prices. Adient's financial condition shows total debt of approximately $2.4 billion, with ongoing efforts to manage liquidity through an asset-based revolving credit facility, while share repurchases totaled $275 million in fiscal 2024.