Why Shares of Adient Are Falling Today

Shares of Adient (NYSE: ADNT) fell 12% on Thursday afternoon after the autoparts manufacturer released quarterly results that came in below expectations. The COVID-19 pandemic is weighing on the entire automotive sector, and the pressure is unlikely to abate any time soon.

Before markets opened on Thursday, Adient reported a third-quarter adjusted loss of $2.78 per share, worse than the consensus estimate for a loss of $2.08 per share. Revenue came in at $1.63 billion, $20 million ahead of expectations but down 61.4% year-over-year.

Image source: Adient.

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Source Fool.com