Aptiv PLC Reports Strong Q1 2024 Performance

Aptiv plc (NYSE: APTV) has reported its first-quarter 2024 financial results, showcasing solid operating performance. The company's U.S. GAAP revenue for the quarter stood at $4.9 billion, reflecting a 2% increase from the previous year. Adjusted for currency exchange and commodity movements, revenue saw a 2% growth, with a 3% increase over the market based on AWM1 of (1)%.

The company's U.S. GAAP net income for the first quarter was $218 million, with diluted earnings per share at $0.79. Excluding special items, diluted earnings per share were $1.16. Notably, the adjusted operating income margin stood at 11.1%, with adjusted EBITDA margin at 14.7%.

Aptiv reported generating $244 million from cash operations during the first quarter of 2024, marking a significant improvement from the net cash outflow of $9 million in the prior year period. As of March 31, 2024, the company held cash and cash equivalents of $0.9 billion and total available liquidity of $3.4 billion.

During the first quarter, Aptiv repurchased 7.3 million shares for $600 million, leaving approximately $1.0 billion available for future share repurchases. The company also announced significant new business awards totaling nearly $13 billion during the period.

Looking ahead, Aptiv provided its full-year 2024 financial guidance, with net sales anticipated to range from $20,850 million to $21,450 million. The adjusted EBITDA margin is expected to be between 15.1% and 15.4%, while adjusted net income per share is estimated to range from $5.80 to $6.30.

In addition to the financial results, Aptiv revealed plans for a restructuring of its ownership interest in Motional, Ad LLC, and additional funding from Hyundai Motor Group, which is anticipated to result in a reduction of Aptiv’s common equity interest from 50% to approximately 15%.

The company expressed confidence in its ability to deliver value to shareholders through innovation, profitable growth, strong cash flow generation, and disciplined capital deployment.

Aptiv will be hosting a conference call to discuss these results, accessible via dial-in or webcast.

The company believes that adjusted revenue growth, adjusted operating income, adjusted EBITDA, adjusted net income, adjusted net income per share, and cash flow before financing are useful measures in assessing its ongoing financial performance and in providing improved comparability between periods. These non-GAAP financial measures are reconciled to the most directly comparable GAAP financial measures in the attached supplemental schedules at the end of the press release.

Aptiv is a global technology company focused on developing safer, greener, and more connected solutions enabling a more sustainable future of mobility. Following these announcements, the company's shares moved 11.6%, and are now trading at a price of $77.84. For the full picture, make sure to review Aptiv PLC's 8-K report.

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