Plymouth, Michigan – Auto seat and interiors company maker, Adient, said it is on track to hit its sales, earnings and cash flow for the 2018.
The company has recently appointed a new CEO and has battled production difficulties in the US.
Adient on track for forecast earnings in 2018
DelGrosso, working urgently
'Sales and free cash flow were delivered in-line with our commitments. Challenges within our Seat Structures and Mechanisms segment, and to a lesser extent, within our Interiors segment, were behind our earnings shortfall', said Fritz Henderson, chairman.
The company said that full-year 2018 revenue was about $17.4bn. It added that EBITDA was about $1.2bn. Meanwhile, its free cash flow through the year was zero.
However, Henderson continued: 'Doug DelGrosso, the company's newly appointed CEO, is working urgently to execute our transformation plan. This is focused on better operational execution to drive meaningful improvements in profitability and free cash flow'.
