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Adient profit misses consensus by 59.1% in fiscal Q4

Adient PLC said its normalized net income for the fiscal fourth quarter ended Sept. 30 amounted to 83 cents per share, compared with the S&P Capital IQ consensus estimate of $2.03 per share.

EPS decreased 39.5% year over year from $1.37.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $77.6 million, a decline of 39.5% from $128.3 million in the prior-year period.

The normalized profit margin dropped to 1.6% from 3.1% in the year-earlier period.

Total revenue decreased 5.2% year over year to $3.94 billion from $4.16 billion, and total operating expenses fell from the prior-year period to $3.87 billion from $4.00 billion.

Reported net income came to a loss of $876.9 million, or a loss of $9.36 per share, compared to a loss of $116.4 million, or a loss of $1.24 per share, in the prior-year period.

For the year, the company's normalized net income totaled $6.25 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $8.40.

EPS rose from $6.14 in the prior year.

Normalized net income was $585.4 million, a gain from $575.9 million in the prior year.

Full-year total revenue decreased 15.9% from the prior-year period to $16.84 billion from $20.02 billion, and total operating expenses decreased 16.4% on an annual basis to $16.10 billion from $19.26 billion.

The company said reported net income totaled a loss of $1.53 billion, or a loss of $16.37 per share, in the full year, compared with income of $459.6 million, or $4.90 per share, the prior year.