Adient plc (NYSE:ADNT) Q3 2024 Earnings Conference Call August 6, 2024 8:30 AM ET

Company Participants

Mike Heifler - IR
Jerome Dorlack - President, CEO & Director
Mark Oswald - EVP & CFO

Conference Call Participants

Colin Langan - Wells Fargo
Trevor Young - Barclays
Joseph Spak - UBS
James Picariello - BNP Paribas

Operator

Welcome to the Adient Third Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode, until the question-and-answer session of today’s call. I’d like to inform all parties that today’s call is being recorded. [Operator instructions]

I'd now like to turn the conference over to Mike Heifler. Thank you, you may begin.

Mike Heifler

Thank you, Sue. Good morning, everyone and thank you for joining us. The press release and presentation slides for our call today have been posted to the Investors section of our website at adient.com.

This morning, I'm joined by Jerome Dorlack, Adient's President and Chief Executive Officer; and Mark Oswald, our Executive Vice President and Chief Financial Officer. On today's call, Jerome will provide an update on the business followed by Mark, who will review our Q3 financial results and outlook for the remainder fiscal 2024. After our prepared remarks, we will open the call to your questions.

Before I turn the call over to Jerome and Mark, there are few items I'd like to cover. First, today's conference call will include forward-looking statements. These statements are based on the environment as we see it today, and therefore involve risks and uncertainties. I would caution you that our actual results could differ materially from these forward-looking statements made on the call. Please refer to Slide 2 of the presentation for our complete Safe Harbor statement.

In addition to the financial results presented on a GAAP basis, we will be discussing non-GAAP information that we believe is useful in evaluating the company's operating performance. Reconciliations for these non-GAAP measures to the closest GAAP equivalent can be found in the appendix of our full earnings release.

And with that, it’s my pleasure to turn the call over to Jerome.

Jerome Dorlack

Thanks, Mike. Good morning, everyone. Thank you for joining us to review our third quarter results. We will also discuss the drivers for our revised outlook and reiterate our long-term commitment to creating sustainable value for our shareholders.

Turning to Slide 4, which summarizes the third quarter. Adient's Q3 results were significantly impacted by the EMEA region, which experienced lower volume mix and weaker commercial recoveries. Americas and Asia performed generally in line with internal expectations. Our specific customer and platform sales have been affected much more than headline industry volume figures. For example, in the Americas, our top programs representing 60% of our volumes are down 8% this fiscal year, while S&P production estimates for the same period are up 3%.