Existing Velodyne and Ouster shareholders would each own about 50 percent of the combined company under terms of the “merger of equals” agreement, which is expected to close in the first half of 2023.
Automotive seating suppier Adient increased sales and earnings durings its fiscal fourth quarter despite headwinds that cost the automotive supplier $2.2 billion in revenue for the year.
The seating and interiors supplier said quarterly sales surged 32 percent from last year and it more than doubled its earnings, according to its earnings report Friday.
The Plymouth, Mich.-based company, which is domiciled in Ireland, reported adjusted earnings of $227 million on $3.7 billion of revenue in the fourth quarter.
Full year revenue was up 3 percent from last year to $14.1 billion, while gross profit slipped 2 percent to $807 million.
Adient shares rose 14.2 percent to close at $37.96 on Friday.
“Our business is performing extremely well right now,” CEO Doug Del Grosso said on a call with investors. “We’ve addressed a lot of the issues that plagued the business not that long ago. This business is about execution every single day so we have to continue to perform the way we’ve been performing.”
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Nearly half of dealers plan to buy one or more dealerships in the next 12 months, while only 2 percent expect to sell in that time frame, according to a survey by Kerrigan Advisors.