Aptiv See Revenues Rise, Benefits From Tax Changes And Spin-off
By Adrienne Roberts
Aptiv PLC (APTV) on Thursday reported an 8% increase in revenue to $3.4 billion in the fourth quarter, driven by growth in Europe and South America, along with a $55 million one-time benefit from U.S. tax-law changes and a $27 million benefit from the spin-off of Delphi Automotive PLC.
The Gillingham, England-based automotive-systems supplier, which is run from its headquarters outside Detroit, earned a profit of $256 million, or 95 cents a share, compared with $281 million, or $1.03 a share, in the same period a year ago.
Delphi Automotive was split into two companies in December, with Aptiv focusing on developing technology for autonomous and connected vehicles.
Excluding one-time items, Aptiv earned $1.28 a share in the quarter. Analysts polled by Thomson Reuters expected $1.31 a share.
Sales for the quarter rose to $3.44 billion from $3.19 billion for the same quarter a year ago. Analysts expected $3.31 billion in sales.
Shares, inactive premarket, gained 0.3% in Wednesday trading.
The company said it expects revenue between $3.28 billion to $3.38 billion in the current quarter and an adjusted per-share profit of $1.17 to $1.22.
Write to Adrienne Roberts at email@example.com
(END) Dow Jones Newswires
February 01, 2018 07:53 ET (12:53 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.