Doug. Thanks,
Slide nature I’ll on on one-time formatted exclude financials the skew side. left Adhering right my XX. results underlying adjusted and focus otherwise commentary trends our results the in adjusted that the into format, in results, with on jump items we pages typical the performance. either or view the as special to our on important reported our which Let’s
the costs restructuring relate the adjusted the for all appendix difference are amortization. the presentation. of Details the the between results adjustments drivers quarter our impairment accounting in to biggest For purchasing of of quarter, and and reported and
High third excluding Asia, of our level to in production for results the quarter compared the XX% and quarter, approximately year. primary year-over-year $X.X the sales billion, up last increase. vehicle Americas, Europe Improving were China, the driver was
is drivers up million, mix; million the $XXX increase associated The benefits attributed driven commodities performance, year-over-year. benefits These volume $XX by I’ll losses these for in of expand settlement million and higher with a offset operational net quarter primarily non-reoccurring to a by primarily which insurance included impact and higher improved the was business income. period EBITDA the minute. prior in related recovery to on key were Adjusted EMEA, $XXX adverse partially timing equity
at Adient an per share. $XX bottom of million Finally, or income the $X.XX adjusted line, net reported
time slides break and our the cover Q&A the detail adequate should the the in quickly of call. on for Let’s this few included portion more third rather are down have next the detail. ensure quarter the as for I’ll for results amount results the we slides,
increase reported quarter The QX call Starting million just approximately increase were primary impacted $XX the pricing, impact negative drivers of sales FYXXXX. an with $XXX with it, two of million. and consolidated volumes Slide between The revenue billion, movements XX, periods year-over-year compared by the $XXX of million. we the under on $X.X higher FX of
regions mix. the generally versus broader by last late on material sales And strong Americas outpaced China for by adjusting major for the non-reoccurring that and recoveries and China the the gains. certain when table favorable in econ demonstrated rate. driven Focusing launched at programs EMEA are in the Asia each line customer outperformance consolidated now overall that Adient’s of customer overall market of FYXXXX significantly demonstrated markets, mix outside year. strong and program year-over-year with of on the The running slide, new market adding and performed early aided FYXXXX the right both
Adient’s China, at production our seating this supported about were revenue, primarily FX. results year-over-year unconsolidated With for unconsolidated regard adjusted up increase. in to ventures, Increased joint X% volume
Slide such finance office, a back that labeled adjusted to The are bridge show not costs operation, and corporate EBITDA central allocated to corporate of between Moving periods. communications, we represents bucket the XX, of provided executive as legal. to performance our segments the
million year-on-year the Big EBITDA a year on in comparison million primary page. ago. current drivers of reported are versus quarter The the $XXX adjusted was $XXX picture, detailed the
with SG&A, performance a related increased $XX in Positive which operational as influences consists be million uptick losses, last of year-over-year on input associated quarter The a bucket backed performance primarily taken basis of the such the and by freight, certain earnings costs Adient’s lower of out million. period mix, business non-repeat include efficiencies, improved XXXX reflecting measures and a settlement business prior growth ongoing and insurance million operation year volume $XX and benefited normalized cost non-reoccurring $XX innovation. to should austerity supporting Adient’s future go-forward also slight
Other restructured contractual China, ventures, within of timing the primarily million, by joint a level volumes offset factors that $XX included agreement of commodity company’s impact a year-on-year headwind, the FX pricing higher the headwind influenced more joint at largely of KEIPER it, the venture. modest equity improved true-ups of income, unconsolidated driven $X Adient’s A the million. and our comparison call in driven which than by
production came QX expected outperformance volumes in was of internal began our as The the I’d strong performance. Adient’s largely benefit expectations than that we business point results quarter. and driven better by the out than very better
quarters impact Within quarter-to-quarter. This Adient’s the non-reoccurring driven backing can is few results to on unexpected insurance recent business by lower launch timing in of name between anticipated spending non-reoccurring essentially happened significant quite items quarter what a settlements, and as settlement. delays performance can have out lumpy the be performance, most customer
that only for than through also increased full-year QX, minutes. flows supports in not since are this expected in for better QX More that executed however, XXXX. our ultimately performance Adient’s time shifts volume, from but were than a QX not expectations QX better for results guidance benefited on QX. factors few Obviously, expected and impacted certain adversely
business in the of FX commodities, regions High these and appendix movements increase the net earnings Similar to Primarily detailed note was $X business to for periods. certain level performance. provided within contractual to past year-on-year segment we’ve million was two and volume the insurance that performance I’ll driven quarters, increase Americas primarily of our by the performance benefits due presentation. Americas, settlements. in non-reoccurring the by benefited the an related timing the offsetting primarily about improved between true-ups
commodities, periods. benefits included and is business positive between Partially headwind – offsetting $XX influence in by In by favorable bucket, EMEA, related EMEA’s a benefits, FX the totaled million of was the driven in true-ups which the a increase movements performance certain $XX non-reoccurring portion of driven year-over-year associated roughly improved performance the timing and to insurance included these which benefits was contractual business million. FYXXXX. with primarily volume, the
benefit In income. equity the Asia, by driven to the periods and of the movements were two growth FX year-over-year offset. higher modestly between in volumes, the and improvement increased was Adient’s mix support costs region
timeframe shift our me liquidity Slides movements. capital Starting results on to cash the Let some and move working on and Slide on helps in of as structure XX, cash XX. focus now with the longer I’ll XX volatility year-to-date capital
higher by impacting by Key an better the VAT less of VAT compensation, refund the between partially $XXX outflow driven as $XXX benefits operating cash paid lower two reduced volumes payments driven Free CapEx level month-to-month comparison level and in working a interest same compares of capital include quarter last movements. the offset to deferrals, non-repeat of drivers of the environment, the of year. lower and operating year’s were of and timing-related. typical improved received defined flow the timing primarily level debt earnings These and for cash This flow tooling last million was by the consolidated million. recoveries, third period a periods the accrued modestly
versus cost FYXXXX as we Adient million of million June to QX $XXX factored at point, last At and XXXX. end various One of a continues the $XXX at XXXX, factoring liquidity. XX, million utilize of programs receivables low had XX, September source $XXX
Slide to XX. Flipping
roughly slide, As the noted total ended billion of undrawn billion the credit. and we on $X cash about $X.X comprised of under the side quarter hand on of right-hand $XXX revolving with capacity line liquidity of Adient’s of million
April $X.X the settled During share was repurchases, our approximately cash $XX approximately disclosed of company totaled million and used and and towards through million of June, closed QX $XX earnings repurchases respectively. which million $X.X share and the early quarter, Year-to-date million, during cash in deployed call.
good $X.X billion, over and At to basis our net leverage target result. on within several with billion about This and quarters respectively. debt Adient XX-month on driven X.X our no the quarter-end, net performance focus very has financial out, of strong deleveraging totaled ratio a a X.XX to call achieved point the combined position debt to X.X. range trailing One is past our important doubt $X.X
strong you potential know, Adient’s provides in flexibility as cash to essential through disruptions be In which liquidity summary, and late position will QX navigate occur and production agility, the FYXXXX. that may
FYXXXX reflect June guidance assumptions Slide including conditions, production revised Adient’s to year-to-date rates. current through to Turning has FX been results market our and current XX. updated and
versus America, our consolidated billion, S&P $XX.X as China which currently With higher Adient’s forecast reflects Europe and to that volumes backdrop, we guide. sales a at about North across production in used the land forecast April previous
positive performance $XXX about for This million. now and continued For about $XXX we business by the strong production volumes. full-year. income of The are million adjusted $XX driven equity is of impact includes forecasting increase EBITDA, million the increased
you million million Also, that $XXX is $XX to non-reoccurring remind important items. the of related to
ongoing recoveries from be Specifically, insurance should QX rates. QX the removed run from and that your
a point on results. Just QX implied two the or
executed First, in important QX from to non-reoccurring that QX. and and for activities than QX putting earlier costs I were as and aside insurance certain discussed expected also remember ultimately better time settlement, volume the benefited
positive Moving to into expect QX, we business continue performance.
lower income, to negatively consolidated be QX lower on Europe likely of will China. the only across sequential EBITDA, will just $XX versus equity Not a million quarter level will are America, about in QX. projected but compared which impact volumes our be impact However, lower North significantly our basis also to volume it and completed, this
quarters, the take the Due recoveries, quarter. a improvement. comparing lumpiness basis for sequential between XXXX exists consolidated half a on versus view HX best and an that individual to second non-reoccurring to When guidance point implies Adient’s HX insurance XX adjusted basis,
the of to position million. is which is still Cash payment forecast be at also The Moving of is out, on, XX, and set new cash debt interest the driven is called for bonds, October the interest which interest expense, expected on $XXX by million. level lower timing about company’s the primarily is first cash given $XXX XXXX. interest,
close Adient’s cash XXXX of million. expected year, taxes at fiscal After are the $XX
expense FYXXXX. to $XXX purposes, Our of tax for north for $XXX call just trend continues modeling P&L million million it,
based revised guide previous the customer with combined year, earning May come we million. CapEx CapEx $XXX million of largely given forecast, $XXX finally, forecast on up for is down our a cash revised launch to our flow million, $XXX schedules slight under now from And tick in our of the expect free just now expectations, guide. from
that, Q&A have Operator, our can With let’s first call. of we question? to our the on move portion
