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Mar 31, 2023
Aptiv Q1 2023 Earnings Report
Aptiv had a strong start to the year with record revenue and near-record bookings.
Key Takeaways
Aptiv reported a strong first quarter with record revenue of $4.8 billion, a 15% increase year-over-year. U.S. GAAP earnings were $0.54 per diluted share, and excluding special items, earnings totaled $0.91 per diluted share.
U.S. GAAP revenue of $4.8 billion, an increase of 15%.
Revenue increased 15% adjusted for currency exchange, commodity movements and acquisitions; growth over market of 6% based on AWM1 of 9%.
U.S. GAAP net income of $146 million, diluted earnings per share of $0.54.
Adjusted Operating Income margin of 9.1%, Adjusted Operating Income of $437 million; Adjusted EBITDA margin of 12.3%; Adjusted EBITDA of $594 million.
Revenue by Segment
Forward Guidance
The Company’s full year 2023 financial guidance is as follows:(in millions, except per share amounts)
Positive Outlook
- Net sales $18,700 - $19,300
- Adjusted EBITDA $2,585 - $2,745
- Adjusted EBITDA margin 13.8% - 14.2%
- Adjusted operating income $1,920 - $2,080
- Adjusted operating income margin 10.3% - 10.8%
Challenges Ahead
- Adjusted net income per share (1) $4.00 - $4.50
- Cash flow from operations $1,900
- Capital expenditures $950
- Adjusted effective tax rate ~14.5%
- The Company’s full year 2023 financial guidance includes approximately $1.10 per diluted share for the anticipated equity losses to be recognized by Aptiv from the performance of the Motional autonomous driving joint venture.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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