Aptiv PLC (APTV, Financial), a global technology company focused on making mobility safer, greener, and more connected, reported its third quarter 2023 U.S. GAAP earnings of $5.76 per diluted share on November 2, 2023. Excluding special items, third quarter earnings totaled $1.30 per diluted share.
Financial Performance
Aptiv PLC (APTV, Financial) reported U.S. GAAP revenue of $5.1 billion, an increase of 11% from the prior year period. Adjusted for currency exchange, commodity movements, and acquisitions, revenue increased by 7% in the third quarter. This reflects growth of 10% in Europe, 10% in North America, 2% in Asia, which was flat in China, and 12% in South America, the company's smallest region.
For the nine months ended September 30, 2023, the Company reported U.S. GAAP revenue of $15.1 billion, an increase of 18% from the prior year period. Adjusted for currency exchange, commodity movements, and acquisitions, revenue increased by 16% during the period.
Net Income and Earnings per Share
The Company reported third quarter 2023 U.S. GAAP net income of $1,629 million and earnings of $5.76 per diluted share, compared to $286 million and $1.05 per diluted share in the prior year period. For the 2023 year-to-date period, the Company reported U.S. GAAP net income of $2,004 million and earnings of $7.17 per diluted share, compared to $298 million and $1.10 per diluted share in the prior year period.
Operating Income and Cash Flow
The Company reported U.S. GAAP operating income margin of 8.7% for the third quarter and 8.0% for the year-to-date period. The Company generated net cash flow from operating activities of $746 million in the third quarter, compared to $437 million in the prior year period. For the nine months ended September 30, 2023, the Company generated net cash flow from operating activities of $1,272 million, compared to $330 million in the prior year period.
Share Repurchase Program
Year-to-date, the Company repurchased 0.9 million shares for approximately $98 million, leaving approximately $1.9 billion available for future share repurchases. All repurchased shares were retired.
Outlook
The Company’s full year 2023 financial guidance includes net sales of $19,950 - $20,250 million, Adjusted EBITDA of $2,755 - $2,855 million, and Adjusted net income per share of $4.60 - $4.90.
Kevin Clark, chairman and chief executive officer, commented on the results,
Building off the momentum of a strong first half, Aptiv delivered another solid quarter of financial results. The automotive industry is on a clear path towards the fully electrified, software-defined vehicle, and Aptiv is uniquely positioned to enable this transformation."
Explore the complete 8-K earnings release (here) from Aptiv PLC for further details.
