Aptiv PLC (NYSE: APTV) released its third-quarter 2024 financial results, reporting U.S. GAAP revenue of $4.9 billion, representing a 5% decrease from the prior year period. Adjusted for currency exchange and commodity movements, revenue decreased by 6% in the third quarter. The company's U.S. GAAP net income for the third quarter was $363 million, with a net income margin of 7.5%, compared to $1,629 million and a net income margin of 31.9% in the prior year period. Adjusted net income for the quarter totaled $449 million, or $1.83 per diluted share, compared to $367 million, or $1.30 per diluted share, in the prior year period.
For year-to-date 2024, Aptiv reported U.S. GAAP revenue of $14.8 billion, a decrease of 2% from the prior year period. Adjusted for currency exchange, commodity movements, and acquisitions, revenue decreased by 2% during the period. The company's U.S. GAAP net income for the year-to-date period was $1,519 million, with a net income margin of 10.3%, compared to $2,004 million and a net income margin of 13.2% in the prior year period. Year-to-date adjusted net income totaled $1,195 million, or $4.53 per diluted share, compared to $981 million, or $3.46 per diluted share, in the prior year period.
Aptiv also reported other financial highlights, including operating income, cash from operations, and share repurchases. The company repurchased 31.7 million shares for $2.32 billion during the third quarter of 2024, and 44.4 million shares for $3.35 billion year-to-date.
Looking ahead, the company provided its full-year 2024 financial guidance, including net sales projected to be between $19.6 billion and $19.9 billion, U.S. GAAP net income margin estimated to be between 8.9% and 9.2%, and adjusted EBITDA margin forecasted to be between 15.4% and 15.7%.
Aptiv's Chairman and CEO, Kevin Clark, highlighted the company's performance, stating, "Aptiv delivered record adjusted earnings per share this quarter, reflecting strong operating results and benefits from our recent capital allocation actions."
The company's use of non-GAAP financial measures was also addressed in the press release, with management stating that such measures are useful for both management and investors in analyzing the company's financial position, results of operations, and liquidity.
Aptiv, a global technology company focused on making the world safer, greener, and more connected, is continuing to demonstrate resiliency while navigating through the challenges posed by customer schedule reductions and broader weakness in automotive production volumes.
For more details on Aptiv's financial results and outlook, interested parties can access the full press release on the company's website. As a result of these announcements, the company's shares have moved -17.2% on the market, and are now trading at a price of $57.22. For the full picture, make sure to review Aptiv PLC's 8-K report.
