Adient Starts Fiscal 2017 Off With Good Earnings; Dividend Coming Later This Year
We are not changing our moat or fair value estimate on Adient, the automotive seating supplier spun-off from Johnson Controls on Oct. 31, following the firm’s first-quarter fiscal 2017 results. Fiscal 2017 will be a transition year as the company incurs separation costs from JCI and costs for becoming Adient, as management calls it, but management still guides for $250 million in free cash flow. This cash flow will be skewed to the second half of the year, following JCI’s historical pattern of s...
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