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CEO predicts strong year despite supply chain disruptions
Plymouth-based company continues paying down debt
Adient plc
Adient plc expects a strong 2021 despite supply chain issues and the computer chip shortage.
Plymouth-based Adient plc said Thursday it is poised for a strong recovery in 2021 after reporting higher net income and revenue in the second quarter despite auto production stoppages and other headwinds.
The automotive seating and interiors supplier, domiciled in Dublin, Ireland, posted $69 million in net income on $3.8 billion in revenue for the fiscal quarter ending March 31. That s up from a $19 million net loss on $3.3 billion in revenue at the same point last year.
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.