Adient (ADNT) FY2023 results: revenue $15.4 billion, up 9.0% on the year

Adient plc (ADNT) reported revenue of $15.4 billion for fiscal 2023, the year ended 30 September 2023, up 9.0% on the year before. Net income was $205 million, and diluted earnings per share $2.15. The figures are the company's own, from the 10-K it filed with the SEC on 17 November 2023.

Revenue

$15.4 billion

+9.0% on the year

FY2016FY2023

Operating margin

n/a

FY2016FY2023

Net income

$205 million

FY2016FY2023

Diluted EPS

$2.15

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	15,395	14,121	13,680	+9.0%
Cost of revenue	14,362	13,314	12,854	+7.9%
Gross profit	1,033	807	826	+28.0%
Gross margin	6.7%	5.7%	6.0%
Research and development	362	322	316	+12.4%
Selling, general and administrative	554	598	537	-7.4%
Interest expense	132	192	229	-31.2%
Pre-tax income	295	54.0	1,439	+446.3%
Income tax	0.0	94.0	249
Effective tax rate	0.0%	174.1%	17.3%
Net income	205	-120	1,108
Net margin	1.3%	-0.8%	8.1%
Diluted EPS	$2.15	-$1.27	$11.58

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	667	274	260	+143.4%
Capital expenditure	252	227	260	+11.0%
Free cash flow	415	47.0	0.0	+783.0%
Free cash flow margin	2.7%	0.3%	0.0%
Cash from investing	-229	484	347
Cash from financing	-271	-1,273	-770
Depreciation and amortisation	340	350	330	-2.9%
Share-based compensation	34.0	29.0	36.0	+17.2%
Buybacks	65.0	0.0	0.0
Dividends paid	n/a	n/a	0.0
Diluted shares, weighted	95m	95m	96m	+0.6%
Shares outstanding at period end	94m	95m	94m	-1.2%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	2,228	2,073	2,376	+7.5%
Non-controlling interest	318	302	342	+5.3%
Debt	2,535	2,578	3,696	-1.7%
Operating lease liabilities	163	186	246	-12.4%
Finance lease liabilities	n/a	n/a	1.0
Other liabilities	4,180	4,019	4,117	+4.0%
Total liabilities and equity	9,424	9,158	10,778	+2.9%
Fixed assets	1,382	1,377	1,607	+0.4%
Goodwill	2,094	2,057	2,212	+1.8%
Intangible assets	408	467	555	-12.6%
Cash and equivalents	1,110	947	1,521	+17.2%
Inventory	841	953	976	-11.8%
Other assets	3,589	3,357	3,907	+6.9%
Total assets	9,424	9,158	10,778	+2.9%

10-K for the year ended 30 September 2023, filed 17 November 2023: the filing.