Aptiv (APTV) Q1 Earnings Beat Estimates, Increase Y/Y
Aptiv PLC APTV reported better-than-expected first-quarter 2023 results.
Adjusted earnings of 91 cents per share beat the Zacks Consensus Estimate by 2.3% and matched our estimate. The bottom line increased 44.4% year over year.
Revenues of $4.8 billion surpassed the Zacks Consensus Estimate by 6.4% and our estimate by 7.4%. The top line increased 15.3% year over year. It also registered 24% growth in Europe, 14% in North America, 7% in Asia, including 2% in China, and 11% in South America.
Aptiv‘s shares have lost 11.6% over the past year compared with the 24.1% decline of the industry it belongs to.
Other Quarterly Numbers
Signal and Power Solutions’ revenues of $3.5 billion improved 12% year over year. Advanced Safety and User Experience segment’s revenues increased 26% year over year to $1.4 billion.
Adjusted operating income was $437 million, up 34.9% from the figure reported in the year-ago quarter. Adjusted operating income margin was 11.3%, up 130 basis points year over year.
Aptiv exited the quarter with a cash and cash equivalent balance of $1.1 billion. Long-term debt was $6.5 billion, flat with the previous quarter.
Total available liquidity at the end of the quarter was $3.6 billion compared with $4 billion recorded at the end of the prior quarter. In the quarter, the company used $9 million cash in operating activities.
Aptiv PLC Price, Consensus and EPS Surprise
Aptiv PLC price-consensus-eps-surprise-chart | Aptiv PLC Quote
2023 Outlook
Aptiv expects revenues of $18.7-$19.3 billion, the mid-point ($19 billion) of which is below the Zacks Consensus Estimate of $19.14 billion.
Adjusted EPS is expected between $4.00 and $4.50, the mid-point ($4.25 billion) of which is below the Zacks Consensus Estimate of $4.4.
The adjusted operating income margin is anticipated between 10.3% and 10.8%. Capital expenditure is expected to be $950 million.
The adjusted EBITDA margin is expected between 13.8% and 14.2%. The adjusted effective tax rate is expected to be 14.5%.
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 reported better-than-expected first-quarter 2023 results.
OMC’s earnings of $1.56 per share beat the Zacks Consensus Estimate by 13% and our estimate by 11.4%. EPS increased 12.2% year over year. Total revenues of $3.4 billion surpassed the consensus estimate by 2.3% and our estimate by 1.4%. The top line increased 1% year over year.
Equifax EFX also posted better-than-expected first-quarter 2023 results.
EFX’s adjusted earnings were $1.43, beating the consensus mark by 4.4% but declining 35.6% from the year-ago figure. Total revenues of $1.3 billion surpassed the consensus estimate by 1.5% but decreased 4.5% year over year.
ManpowerGroup MAN reported lower-than-expected first-quarter 2023 results.
MAN’s adjusted earnings of $1.61 per share lagged the consensus mark by 0.6% but matched our estimate. Revenues of $4.8 billion missed the consensus mark by 1.3% and our estimate by a slight margin. The top line decreased 7.6% year over year.
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ManpowerGroup Inc. (MAN) : Free Stock Analysis Report
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Aptiv PLC (APTV) : Free Stock Analysis Report
