Mechanism Unit's Problems Plague Adient's 2Q but Stock Looks Very Cheap
Leading automotive seating maker Adient reported fiscal 2018 second-quarter results that continue to be plagued by the struggling seat structure and mechanisms business. Although results in that segment did improve from the first quarter, with segment adjusted EBITDA at a negative $34 million versus a negative $82 million in the first quarter, the unit’s woes have led management to withdraw its long-standing guidance of 200 basis points of operating margin expansion by fiscal 2020. This target w...
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