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Aptiv PLC APTV Stock Quote

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NYSE:APTV

Morningstar‘s Stock Analysis APTV

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Aptiv's Q3 Improves as Chip Crunch Lessens, 2022 Guidance Unchanged; Slight FVE Increase to $146

Richard Hilgert Senior Equity Analyst

Analyst Note

| Richard Hilgert |

Narrow-moat Aptiv reported third-quarter earnings per share before special items of $1.28, $0.30 above the $0.98 FactSet consensus estimate and $0.79 higher than the $0.49 year-ago result as customer production shutdowns from the chip crunch alleviated. Third-quarter revenue also beat consensus by 7%, jumping 26% to $4.61 billion from $3.65 billion last year. Excluding unfavorable currency, organic revenue climbed 33%, exceeding a 24% increase in global light-vehicle production, weighted to Aptiv’s customer base, by 9 percentage points due to higher volume, the launch of new business, and customer cost recoveries. Despite continued headwinds from the chip shortage, China COVID-19 lockdowns, the Ukraine crisis, higher raw material costs, and other inflationary cost pressures, third-quarter adjusted EBITDA was $673 million for a margin of 14.6%, up 63% from $412 million with an 11.3% margin in the prior year.

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Key Statistics APTV

Company Profile APTV

Business Description

Aptiv’s signal and power solutions segment supplies components and systems that make up a vehicle’s electrical system backbone, including wiring assemblies and harnesses, connectors, electrical centers, and hybrid electrical systems. The advanced safety and user experience segment provides body controls, infotainment and connectivity systems, passive and active safety electronics, advanced driver-assist technologies, and displays, as well as the development of software for these systems. Aptiv's largest customer is General Motors at roughly 12% of 2021 revenue, including sales to GM’s Shanghai joint venture, followed by Stellantis at 11%, and Volkswagen at 9%. North America and Europe represented approximately 38% and 33% of total 2019 revenue, respectively.

Contact
5 Hanover Quay, Grand Canal Dock
Dublin, D02 VY79, Ireland
T +353 12597013
Industry Auto Parts
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 155,000

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