Q3 2024 Aptiv PLC Earnings Call Transcript
Key Points
- Aptiv PLC (APTV) delivered record third-quarter operating income and margin, as well as an all-time record for quarterly earnings per share, reflecting strong operating performance.
- EBITDA and operating margins expanded by 180 basis points and 120 basis points, respectively, with EPS increasing by 41% compared to the previous year.
- The company booked $3.6 billion of new business awards in the third quarter, bringing the year-to-date total to just under $21 billion, indicating strong business momentum.
- Aptiv PLC (APTV) achieved record earnings and margin in its advanced safety and user experience segment, highlighting the strength of its product portfolio.
- The company has implemented additional profit improvement actions, including prioritizing investments in productized solutions and consolidating its manufacturing footprint, to enhance long-term value delivery.
- Third-quarter revenues declined by 6% due to headwinds from weaker production schedules, particularly impacting the electrical distribution product line.
- Aptiv PLC (APTV) updated its 2024 outlook to reflect a weaker industry backdrop, including a slowdown in EV adoption and a reduction in global vehicle production.
- The company experienced delays in customer program awards, impacting expectations for new business bookings and resulting in a revised 2024 bookings target of $30 billion.
- Revenues in the signal and power solutions segment were down 8%, with electrical distribution systems revenues declining by 12% due to customer schedule reductions.
- Aptiv PLC (APTV) faces challenges from volatility in production schedules, particularly with a large customer reducing production by 35% in the third quarter.
Please standby, we're about to begin. Good day, and welcome to the Aptiv Q3 2024 earnings call. Today's conference is being recorded. At this time, I would like to turn the conference over to Jane Wu, Vice President of Investor Relations and Corporate Development. Please go ahead.
Thank you, Jess. Good morning and thank you for joining Aptiv's third-quarter 2024 earnings conference Call. The press release and related tables, along with the slide presentation, can be found on the Investor Relations portion of our website at aptiv.com. Today's review of our financials exclude amortization, restructuring and other special items and will address the continuing operations of Aptiv.
The reconciliations between GAAP and non-GAAP measures for our third quarter results as well as our 2024 outlook are included at the back of the slide presentation and the earnings press release. During today's call, we will be providing certain forward-looking information that reflects Aptiv's
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