Adient's Fiscal 2016 Fourth Quarter Thin on Data, but Operating Margins Rise
Adient, the automotive seating spin-off from Johnson Controls that began trading stand-alone on Oct. 31, reported fourth-quarter fiscal 2016 results that showed margin improvement despite a 5% decline in revenue as some less desirable vehicle program contracts expired. We are not changing our moat or fair value estimate, but we will revisit our modeling assumptions after the company files its first stand-alone 10-K on Nov. 29 once we have more data to evaluate the company on its own.Adient gav...
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