Aptiv, a global technology leader dedicated to creating safer, greener, and more connected solutions, announced its third-quarter 2024 financial results, reporting U.S. GAAP earnings of $1.48 per diluted share. Excluding special items, earnings reached $1.83 per share.
Key Financial Highlights for Q3:
- Revenue: $4.9 billion, a 5% decrease from last year; adjusted revenue decline of 6% due to currency and commodity fluctuations.
- Net Income: $363 million, representing a 7.5% net income margin.
- Operating Income: GAAP operating income of $503 million (10.4% margin), with adjusted operating income at $593 million (12.2% margin).
- EBITDA: Adjusted EBITDA of $778 million, yielding a 16.0% margin.
- Cash Flow: Generated $499 million in cash from operations.
- Shareholder Returns: $2.32 billion returned through share repurchases, including $2.25 billion under the Accelerated Share Repurchase Program.
Year-to-Date Highlights:
- Revenue: $14.8 billion, down 2% from the prior year, also reflecting currency and commodity adjustments.
- Net Income: $1,519 million, with a 10.3% margin and diluted earnings of $5.76 per share.
- Operating Income: GAAP operating income of $1,363 million (9.2% margin) and adjusted operating income of $1,743 million (11.8% margin).
- EBITDA: Adjusted EBITDA of $2,286 million (15.4% margin).
- Cash Flow: Generated $1,386 million in cash from operations.
- Share Repurchases: $3.35 billion returned to shareholders year-to-date.
Aptiv CEO Kevin Clark emphasized the record adjusted earnings per share, crediting strong operations and capital allocation strategies, despite market challenges and reduced production schedules. The company continues to prioritize solutions aligned with long-term trends in safety, sustainability, and connectivity.
Geographic and Operational Details
The revenue decline reflects regional slowdowns: North America (-7%), Europe (-6%), Asia (-4%, including China -6%), and South America (-12%).
For the nine months ending September 30, 2024, the company maintained robust liquidity with $1.1 billion in cash and $3.9 billion in available funds.
Share Repurchase Program
In Q3 2024, Aptiv repurchased 31.7 million shares for $2.32 billion, including 30.8 million shares under the Accelerated Share Repurchase Program. Year-to-date, 44.4 million shares were repurchased for $3.35 billion, with $2.52 billion remaining under the authorization.
