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Adient plc (ADNT-2.40%) has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing reports net sales of $14,688 million, a decrease of 5% from the previous year, attributed to lower production volumes and unfavorable currency impacts.
Cost of sales was $13,760 million, representing 94% of sales, a slight improvement from 93% in the prior year, despite lower production volumes.
Gross profit for the year was $928 million, down from $1,033 million, with the decline attributed to lower volumes and unfavorable material economics.
Selling, general, and administrative expenses decreased to $507 million from $554 million, mainly due to lower compensation costs.
Restructuring and impairment costs increased significantly to $168 million, primarily due to actions in EMEA in response to market conditions.
Equity income rose to $90 million, driven by favorable performance at partially-owned affiliates.
Net financing charges slightly decreased to $189 million, primarily due to lower premiums on debt repurchases.
Net income attributable to Adient was $18 million, a sharp decline from $205 million in the previous year, impacted by lower sales and higher restructuring costs.
Adient's liquidity and capital resources were supported by $543 million in cash provided by operating activities, with capital expenditures totaling $266 million.
The company continues to focus on restructuring efforts, particularly in EMEA, to align its cost structure with market demands.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Adient plc annual 10-K report dated November 18, 2024. To report an error, please email earnings@qz.com.