Aptiv PLC (APTV - Free Report) reported mixed first-quarter 2024 results, with earnings beating the Zacks Consensus Estimate but revenues missing the same.
The earnings beat impressed investors as the stock gained 8.5% since the earnings release on May 2.
Quarterly adjusted earnings of $1.16 per share beat the Zacks Consensus Estimate by 10.5% and increased 27.5% year over year. Revenues of $4.9 billion missed the Zacks Consensus Estimate by 1.7% but increased 1.7% year over year.
The company’s adjusted revenues registered 2% growth. Adjusted revenues grew 2% in North America and 7% in Asia, including 9% in China. Revenues declined 1% in Europe and 9% in South America.
Other Quarterly Numbers
Signal and Power Solutions’ revenues of $3.5 billion improved 1% year over year. The Advanced Safety and User Experience segment’s revenues increased 5% year over year to $1.4 billion.
Adjusted operating income was $544 million, up 24.5% from the figure reported in the year-ago quarter. Adjusted operating income margin was 11.1%, up 200 basis points year over year. This is in line with our expectation.
Aptiv exited the quarter with a cash and cash equivalent balance of $941 million compared with the prior quarter’s $1.6 billion. Long-term debt was $4.7 billion, compared with $6.2 billion in the previous quarter.
Total available liquidity at the end of the quarter was $3.4 billion compared with $4.1 billion recorded at the end of the prior quarter. In the quarter, the company generated $244 million in cash from operating activities.
2024 Outlook
Aptiv expects revenues to be $20.85-$21.45 billion, lower than the current Zacks Consensus Estimate of $21.53 billion.
Adjusted EPS is expected between $5.8 and $6.3, higher than the Zacks Consensus Estimate of $5.75. Adjusted operating income margin is anticipated between 11.6% and 12%. Capital expenditure is expected to be $1 billion.
Adjusted EBITDA margin is expected between 15% and 15.3%. Adjusted effective tax rate is expected to be 17.5%.
Currently, Aptiv carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Earnings Snapshots of Some Service Providers
Omnicom (OMC - Free Report) reported impressive first-quarter 2024 results, wherein both earnings and revenues beat the Zacks Consensus Estimate.
OMC’s earnings of $1.67 per share beat the consensus estimate by 9.9% and increased 7.1% year over year. Total revenues of $3.6 billion surpassed the consensus estimate by 1.6% and increased 5.4% year over year.
Equifax (EFX - Free Report) reported mixed first-quarter 2024 results, wherein earnings surpassed the Zacks Consensus Estimate, but revenues missed the same.
EFX’s adjusted earnings were $1.5 per share, ahead of the Zacks Consensus Estimate by 4.2% and up 4.9% from the year-ago quarter. Total revenues of $1.4 billion missed the consensus estimate by a slight margin but increased 6.7% from the year-ago quarter.
ManpowerGroup (MAN - Free Report) reported mixed first-quarter 2024 results, with earnings beating the Zacks Consensus Estimate but revenues missing the same.
Quarterly adjusted earnings of 94 cents per share surpassed the consensus mark by 4.4% but declined 41.6% year over year. Revenues of $4.4 billion lagged the consensus mark by 0.6% and fell 7% year over year.
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Aptiv PLC (APTV - Free Report) reported mixed first-quarter 2024 results, with earnings beating the Zacks Consensus Estimate but revenues missing the same.
The earnings beat impressed investors as the stock gained 8.5% since the earnings release on May 2.
Quarterly adjusted earnings of $1.16 per share beat the Zacks Consensus Estimate by 10.5% and increased 27.5% year over year. Revenues of $4.9 billion missed the Zacks Consensus Estimate by 1.7% but increased 1.7% year over year.
The company’s adjusted revenues registered 2% growth. Adjusted revenues grew 2% in North America and 7% in Asia, including 9% in China. Revenues declined 1% in Europe and 9% in South America.
Other Quarterly Numbers
Signal and Power Solutions’ revenues of $3.5 billion improved 1% year over year. The Advanced Safety and User Experience segment’s revenues increased 5% year over year to $1.4 billion.
Adjusted operating income was $544 million, up 24.5% from the figure reported in the year-ago quarter. Adjusted operating income margin was 11.1%, up 200 basis points year over year. This is in line with our expectation.
Aptiv exited the quarter with a cash and cash equivalent balance of $941 million compared with the prior quarter’s $1.6 billion. Long-term debt was $4.7 billion, compared with $6.2 billion in the previous quarter.
Total available liquidity at the end of the quarter was $3.4 billion compared with $4.1 billion recorded at the end of the prior quarter. In the quarter, the company generated $244 million in cash from operating activities.
2024 Outlook
Aptiv expects revenues to be $20.85-$21.45 billion, lower than the current Zacks Consensus Estimate of $21.53 billion.
Adjusted EPS is expected between $5.8 and $6.3, higher than the Zacks Consensus Estimate of $5.75. Adjusted operating income margin is anticipated between 11.6% and 12%. Capital expenditure is expected to be $1 billion.
Adjusted EBITDA margin is expected between 15% and 15.3%. Adjusted effective tax rate is expected to be 17.5%.
Currently, Aptiv carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Earnings Snapshots of Some Service Providers
Omnicom (OMC - Free Report) reported impressive first-quarter 2024 results, wherein both earnings and revenues beat the Zacks Consensus Estimate.
OMC’s earnings of $1.67 per share beat the consensus estimate by 9.9% and increased 7.1% year over year. Total revenues of $3.6 billion surpassed the consensus estimate by 1.6% and increased 5.4% year over year.
Equifax (EFX - Free Report) reported mixed first-quarter 2024 results, wherein earnings surpassed the Zacks Consensus Estimate, but revenues missed the same.
EFX’s adjusted earnings were $1.5 per share, ahead of the Zacks Consensus Estimate by 4.2% and up 4.9% from the year-ago quarter. Total revenues of $1.4 billion missed the consensus estimate by a slight margin but increased 6.7% from the year-ago quarter.
ManpowerGroup (MAN - Free Report) reported mixed first-quarter 2024 results, with earnings beating the Zacks Consensus Estimate but revenues missing the same.
Quarterly adjusted earnings of 94 cents per share surpassed the consensus mark by 4.4% but declined 41.6% year over year. Revenues of $4.4 billion lagged the consensus mark by 0.6% and fell 7% year over year.
Where Will Stocks Go…
If Biden Wins? If Trump Wins?
The answers may surprise you.
Since 1950, even after negative midterm years, the market has never had a lower presidential election year. With voters energized and engaged, the market has been almost unrelentingly bullish no matter which party wins!
Now is the time to download Zacks' free Special Report with 5 stocks that offer extreme upside for both Democrats and Republicans…
1. Medical manufacturer has gained +11,000% in the last 15 years.
2. Rental company is absolutely crushing its sector.
3. Energy powerhouse plans to grow its already large dividend by 25%.
4. Aerospace and defense standout just landed a potentially $80 billion contract.
5. Giant Chipmaker is building huge plants in the U.S.
Hurry, Download Special Report FREE >>
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