FY 2023 Second Quarter Earnings Call
Q2 FY23 Adjusted-EBITDA: Asia
Q2FY23 of $113M, up $8M y-o-y, driven by:
>
>
Favorable volume and mix impact of ~$17M,
driven primarily by the improved production
environment in Asia outside of China
Improved business performance of ~$7M,
driven by:
$ in millions
ADIENT
$7
$17
$113
>
~$7M of improved net material margin
performance
$105
$(6)
$(5)
>
Lower freight costs of ~$3M
$(5)
>
Offsets to these benefits were ~$2M of
13.6%*
increased labor and overhead costs
>
Launch costs increased in the quarter by
~$1M
12.4%*
>
Equity income was down ~$6M y-o-y, due to
lower volumes at our unconsolidated JVs as well
as our restructured shareholder agreement
impacting our Keiper joint venture (i.e., lower
equity income approximately offset by higher
consolidated income globally)
>
Q2FY22
Volume /
Mix
Business
Performance
Equity
Income
FX /
Commodities
SG&A
Q2FY23
FX was an approximately ~$7M headwind and
while commodities softened by ~$2M
>
SG&A was increased by ~$5M, driven by timing
of engineering costs supporting roll on of new
business
FY2023 Second Quarter Earnings Call
* Excluding equity income. Including equity income, margins of 14.5% and 14.6% for Q2FY22 and Q2FY23, respectively
Adient - PUBLIC
May 3, 2023
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