Adient hits 2023 financial goals, CEO announces retirement

Auto supplier Adient plc says it saw $15.4 billion in sales for its 2023 financial year, which ended Sept. 30, representing a 9 percent boost from 2022.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was up 39 percent, from $675 million in 2022 to $938 million.

These figures come on the back of modest increases in the fourth quarter. Revenue for the seating specialist was up 2.2 percent in the quarter, from $3.65 billion in the same period for 2022 to $3.73 billion in 2023. EBITDA rose by 3.5 perent, from $235 million

Sales were up in all regions for the full year. However, there was a 14.5 percent decline in sales in the Americas in the fourth quarter, in the light of strike action at customers in the automotive industry. Sales were up 41 percent in the EMEA region (where currency effects had a positive impact), and 13 percent in Asia.

“Adient’s continued focus on operational excellence, coupled with significant new business wins and strong financial performance, contributed to a successful FY23,” said Doug Del Grosso, the company’s president and CEO. “Our improved financial performance builds on our solid foundation, positioning the company to drive additional value to stakeholders in FY24.”

Del Grosso also announced his retirement alongside the results, set for Dec. 31. He will be replaced by Jerome Dorlack, who is currently an executive vice president and the company’s chief financial officer. The new CFO will be Mark Oswald, currently vice president, treasurer, investor relations and corporate communications.

“It has been an honor to work with the Adient team and lead this great company,” Del Grosso said. “I am truly proud of everything we have accomplished. Looking ahead, Jerome has a proven track record of success at Adient, having successfully led our Americas operations and served as CFO. He is the ideal leader to continue Adient’s long-term success.”