FY 2023 Second Quarter Earnings Call
FY23 Outlook - key financial metrics
ADIENT
Consolidated sales
~$15.0B
No change
Adj.-EBITDA
Equity income
Incl. in Adj.-EBITDA
Interest expense
~$850M
No change
~$70M
No change
~$180M
Prior: ~$160M
~$95M
>
Cash taxes
Prior: ~$90M
>
CapEx
Free cash flow
~$300M
No change
~$215M
>
Prior ~$200M
/////////
FY23 guidance updated to reflect Adient's YTD results through
March 31, 2023 and current market conditions (including revised
production forecast and current FX rates)
Consolidated sales of $15.0B (up 8% vs. FY22 when adjusting for
FX)
Adj.-EBITDA reflects modest improvement in the overall
operating environment partially offset by softer than expected
demand in China (production forecast revised lower) and
elevated steel prices in North America
Interest expense forecast at ~$180M based on Q2's refinancing.
and debt paydown and expected cash balances (cash interest
expected at $145M)
Cash taxes forecast at ~$95M
Capital expenditures primarily driven by customer launch plans
and intense focus on reusability where appropriate
Free cash flow forecast at ~$215M given revised forecast for cash
interest (currently ~$145M vs. prior ~$160M) and cash taxes
The company remains on track to deliver its FY2023 commitments which include
earnings, margin and FCF growth vs. FY2022
Reconciliations of non-GAAP measures related to FY2023 guidance have not been provided due to the unreasonable efforts it would take to provide such reconciliations
FY2023 Second Quarter Earnings Call
Adient PUBLIC
May 3, 2023
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