Revenue Growth
Q1 consolidated sales of ~$3.6 billion, up 4% year-over-year (approximately a $149 million increase), driven primarily by FX tailwinds and stronger China volumes (excluding FX).
Improved Profitability (Adjusted)
Adjusted EBITDA of $207 million, up 6% year-over-year with an adjusted EBITDA margin of 5.7% (improvement of ~10 basis points versus prior year).
Adjusted Net Income and EPS
Reported adjusted net income of $28 million, or $0.35 per share for the quarter.
Raised Full-Year Financial Guidance
Management raised FY2026 guidance: sales to ~$14.6 billion (from $14.4B, +~1.4%), adjusted EBITDA to ~$880 million (from $845M, +~4.1%), and free cash flow to $125 million (from $90M, +~39%).
Cash, Liquidity and Balance Sheet Strength
Ended Q1 with $855 million cash on hand and total liquidity of ~$1.7 billion (including ~$823M undrawn revolver). Net leverage 1.7x, comfortably inside the 1.5x–2.0x target range.
Shareholder Returns and Cost Savings
Returned $25 million to shareholders via repurchasing ~2.1 million shares (remaining authorization ~$110M). Repriced term loan B reducing interest by 25 basis points, saving ~ $1.5 million annually.
China and Asia Momentum
China revenue up significantly (ex-FX) with Asia outperforming overall driven by China domestic OEM ramp; company expects double-digit China growth through FY2028 and to exit the year with ~60% of China revenue from domestic OEMs.
Onshoring & New Business Awards
Captured ~150,000 units of direct onshoring business, ~25,000 indirect units, plus ~100,000 units of new/conquest business. Management cites an aggregate opportunity of ~$500 million incremental revenue (with ~$300M impacting FY2027 and the full $500M in FY2028).
Innovation & Manufacturing Efficiency (ModuTech)
Introduced ModuTech modular seat architecture; early results claim ~20% total value-chain savings (labor and freight efficiencies) and ~15% reduction in JIT floor space; automation projects cited as having paybacks under two years.
Sustainability Achievements
FY2025 highlights include a 42% reduction in Scope 1 & 2 emissions since 2019, 30% of electricity from renewable sources, 6% year-over-year reduction in total water withdrawal, and 80% of suppliers assessed for sustainability.