Adient's Profit Dropped 7%, but It Could Have Been Worse
Auto-seat supplier Adient (NYSE: ADNT) said on Nov. 7 that its adjusted operating income in the quarter that ended Sept. 30 fell 7% from a year ago, to $138 million, on weaker sales in the U.S. and China.
That result was better than investors had expected, thanks largely to cost improvements. Adient's adjusted earnings per share of $0.63 beat Wall Street's average estimate of $0.26 per share as reported by Thomson Reuters. Revenue of $3.92 billion was roughly in line with the analysts' average estimate of $4.0 billion.
Adient uses a fiscal year that begins on Oct. 1. The quarter that ended on Sept. 30, 2019, was the fourth quarter of Adient's 2019 fiscal year.
Source Fool.com
