Plymouth, Michigan — Adient, which makes car seats and interiors, had sales of $4.2 bn the third quarter of 2019. This is lower by 6% than the same period in 2018.
Adjusted EBITDA across the business fell 35.5% and hit $205m in the quarter.
Financial charges including a UK pension mark to market loss; a deferred financing fee; and, changes to the valuations of deferred tax assets hit the numbers in the quarter.
The company's seating and seating mechanism (SS&M) business sales subsided by 23% between the third quarter of 2018 and 2019. They were $1.9 bn in the third quarter of 2019. This compares with $2.4 bn the third quarter 2018.
The company does not disclose EBITDA for non-geographical business divisions.
The company's Americas business sales grew by 3% between the third quarter 2018 and 2019. They reached $2 bn the third quarter of 2019. This compares with $1.9 bn in the third quarter of 2018.
But, adjusted EBITDA in the division shrank by 30%. It was $69m the third quarter 2019. This compares with $99m in the third quarter of 2018.
Performance in the region was below last year's level because of lower business performance, a less favourable sales mix. These were partially offset by lower commodity costs and higher volumes.
The company's EMEA business sales shrank by just under 10% between the third quarter 2018 and 2019. They reached $1.75 bn in the third quarter of 2019. This compares with $1.95 bn in the first half of 2018.
Meanwhile, adjusted EBITDA in the division shrank by 45%. It reached $53m in the third quarter 2019. This compares with $97m in the third In Europe new product introductions although helping sales raised costs as the products need to bed in. Exchange rate movements against the company and lower volume also hit the numbers, said Adient.
The company's Asia business sales shrank by 21% between the third quarter and the same period last year. They reached $530m the third quarter of this year. This compares with $672m in the same 2018 quarter.
Adjusted EBITDA in the division shrank by 25%. It reached $110m in the third quarter 2019. This compares with $146m in the third quarter of 2018.
| Adient numbers H1 2019 ( $ m) | |||
|---|---|---|---|
| Group | 2019 | 2018 | Change % |
| Sales | 4219 | 4494 | -6 |
| Adjusted EBITDA | 205 | 318 | -36 |
| Margin % | 4.9 | 7.1 | |
| Seating and SS&M | |||
| Sales | 1864 | 2407 | -23 |
| Americas | |||
| Sales | 2,010 | 1,946 | 3 |
| Adjusted EBITDA | 69 | 99 | -30 |
| Margin % | 3.4 | 5.1 | |
| EMEA | |||
| Sales | 1752 | 1945 | -9.92 |
| Adjusted EBITDA | 53 | 97 | -45 |
| Margin % | 3.0 | 5.0 | |
| Asia | |||
| Sales | 530 | 672 | -21 |
| Adjusted EBITDA | 110 | 146 | -25 |
| Margin % | 20.8 | 21.7 | |
| Source: Adient | |||
