Adient reports positive results in strong Q1
Sales of $3.85 billion
Adient
Plymouth-based Adient plc reported improved earnings in its first fiscal quarter, thanks to automotive recovery throughout the second half of last year.
Adient, the automotive seating supplier in the midst of a multiyear turnaround plan, swung to a net profit during its first fiscal quarter as higher margins overcame a drop in revenue.
The company on Friday said it posted net income of $150 million during the quarter ending Dec. 31, compared with a net loss of $167 million during the same quarter a year ago. The previous year's results included a one-time $216 million charge for impaired assets. Revenue during the quarter fell 2.2 percent to $3.8 billion.