Adient reports strong quarter, raises full year earnings expectations
Adient PLC, the world’s biggest manufacturer of automotive seating systems and components, reported a strong fiscal profit of US$ 192 million for the three-months period ending March 31, 2017.
The supplier, originally known as Johnson Controls Automotive Experience, posted revenue of US$ 4.21 billion in the period, down 2.0% on a year-over-year basis.
Due to the latest results, the company raised its full-year adjusted earnings expectations at US$ 1.24 – US$ 1.26 billion, up from the previous US$ 1.15 – US$ 1.20 billion.
Adient is a recent spinoff of parent company Johnson Controls International, a separation that was formally completed in October 2016,
With 75,000 employees operating 230 plants in 33 countries worldwide, Adient delivers automotive seating for all vehicle classes and all major automakers. The company owns 13 facilities in Mexico located in the states of Chihuahua (3), Coahuila (5), State of Mexico, Tamaulipas, Puebla, Queretaro and Tlaxcala.
Growth is in the sky
Adient recently announced a partnership with aircraft manufacturer Boeing to explore innovative comfort, efficiency and functional improvements to commercial aircraft seating and interiors.
“Through discussions with Boeing, we believe there’s an opportunity for Adient to raise the bar on the aviation passenger experience, building on our leadership in the automobile seat market”, said Chairman and CEO Bruce McDonald in a statement.
According to Counterpoint Market Research, the aircraft Interiors market is estimated to reach US$ 21.7 billion by 2025, a compounded annual growth rate of 4.3% from 2016 to 2025.