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Aptiv PLC (APTV - Free Report) reported mixed fourth-quarter 2023 results, with earnings beating the Zacks Consensus Estimate but revenues missing the same.
Adjusted earnings of $1.4 per share beat the Zacks Consensus Estimate by 8.5% and increased 10.2% year over year. Revenues of $4.9 billion missed the Zacks Consensus Estimate by 0.5% but increased 6% year over year.
The company’s revenues registered 6% growth in Europe and 10% in Asia, including 12% in China. Revenues declined 7% in North America and 6% in South America.
Aptiv‘s shares have declined 23.3% over the past year against the 29.3% rally of the industry it belongs to.
Signal and Power Solutions’ revenues of $3.6 billion improved 6% year over year, in line with our estimate. The Advanced Safety and User Experience segment’s revenues increased 6% year over year to $1.4 billion but lagged our estimate of $1.3 billion.
Adjusted operating income was $600 million, up 14.7% from the figure reported in the year-ago quarter. This compares favorably with our expectation of an adjusted operating income of $597 million.
Adjusted operating income margin was 12.2%, up 90 basis points year over year. This is in line with our expectation.
Aptiv exited the quarter with a cash and cash equivalent balance of $1.6 billion compared with the prior quarter’s $1.8 billion. Long-term debt was $6.2 billion compared with $6.4 billion in the previous quarter.
Total available liquidity at the end of the quarter was $4.1 billion compared with $4.3 billion recorded at the end of the prior quarter. In the quarter, the company generated $624 million in cash from operating activities.
2024 Outlook
Aptiv expects revenues to be $21.3-$21.9 billion, higher than the Zacks Consensus Estimate of $19.31 billion.
Adjusted EPS is expected between $5.55 and $6.05, higher than the Zacks Consensus Estimate of $4.39. Adjusted operating income margin is anticipated between 11.6% and 12%. Capital expenditure is expected to be $1.05 billion.
Adjusted EBITDA margin is expected between 15% and 15.3%. Adjusted effective tax rate is expected to be 17.5%.
Recent Earnings Snapshots of Some Service Providers
Booz Allen Hamilton Holding Corp. (BAH - Free Report) reported better-than-expected third-quarter fiscal 2024 results.
Quarterly adjusted EPS of $1.41 surpassed the Zacks Consensus Estimate by 24.8% and exceeded the year-ago quarter by 31.8%. BAH reported revenues of $2.57 billion, which beat the consensus estimate by 1.5% and increased 12.9% year over year. Revenues, excluding billable expenses, were $1.77 billion, up 13% year over year.
Xerox Holdings Corporation (XRX - Free Report) reported lower-than-expected fourth-quarter 2023 results, wherein earnings and revenues declined from the year-ago quarter.
XRS’s adjusted EPS of 43 cents missed the Zacks Consensus Estimate by 15.7% and decreased 51.7% year over year. Total revenues of $1.77 billion lagged the consensus mark by 1.6% and decreased 9.1% year over year on a reported basis. Revenues declined 7.4% on a constant-currency basis.
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Aptiv's (APTV) Q4 Earnings Beat Estimates, Increase Y/Y
Aptiv PLC (APTV - Free Report) reported mixed fourth-quarter 2023 results, with earnings beating the Zacks Consensus Estimate but revenues missing the same.
Adjusted earnings of $1.4 per share beat the Zacks Consensus Estimate by 8.5% and increased 10.2% year over year. Revenues of $4.9 billion missed the Zacks Consensus Estimate by 0.5% but increased 6% year over year.
The company’s revenues registered 6% growth in Europe and 10% in Asia, including 12% in China. Revenues declined 7% in North America and 6% in South America.
Aptiv‘s shares have declined 23.3% over the past year against the 29.3% rally of the industry it belongs to.
Aptiv PLC Price, Consensus and EPS Surprise
Aptiv PLC price-consensus-eps-surprise-chart | Aptiv PLC Quote
Other Quarterly Numbers
Signal and Power Solutions’ revenues of $3.6 billion improved 6% year over year, in line with our estimate. The Advanced Safety and User Experience segment’s revenues increased 6% year over year to $1.4 billion but lagged our estimate of $1.3 billion.
Adjusted operating income was $600 million, up 14.7% from the figure reported in the year-ago quarter. This compares favorably with our expectation of an adjusted operating income of $597 million.
Adjusted operating income margin was 12.2%, up 90 basis points year over year. This is in line with our expectation.
Aptiv exited the quarter with a cash and cash equivalent balance of $1.6 billion compared with the prior quarter’s $1.8 billion. Long-term debt was $6.2 billion compared with $6.4 billion in the previous quarter.
Total available liquidity at the end of the quarter was $4.1 billion compared with $4.3 billion recorded at the end of the prior quarter. In the quarter, the company generated $624 million in cash from operating activities.
2024 Outlook
Aptiv expects revenues to be $21.3-$21.9 billion, higher than the Zacks Consensus Estimate of $19.31 billion.
Adjusted EPS is expected between $5.55 and $6.05, higher than the Zacks Consensus Estimate of $4.39. Adjusted operating income margin is anticipated between 11.6% and 12%. Capital expenditure is expected to be $1.05 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 #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Earnings Snapshots of Some Service Providers
Booz Allen Hamilton Holding Corp. (BAH - Free Report) reported better-than-expected third-quarter fiscal 2024 results.
Quarterly adjusted EPS of $1.41 surpassed the Zacks Consensus Estimate by 24.8% and exceeded the year-ago quarter by 31.8%. BAH reported revenues of $2.57 billion, which beat the consensus estimate by 1.5% and increased 12.9% year over year. Revenues, excluding billable expenses, were $1.77 billion, up 13% year over year.
Xerox Holdings Corporation (XRX - Free Report) reported lower-than-expected fourth-quarter 2023 results, wherein earnings and revenues declined from the year-ago quarter.
XRS’s adjusted EPS of 43 cents missed the Zacks Consensus Estimate by 15.7% and decreased 51.7% year over year. Total revenues of $1.77 billion lagged the consensus mark by 1.6% and decreased 9.1% year over year on a reported basis. Revenues declined 7.4% on a constant-currency basis.