Aptiv (APTV) Tops Q1 EPS by 4c, Revenues Beat; Affirms Q2 & FY19 EPS/Revenue Guidance Below Consensus

Aptiv (NYSE: APTV) reported Q1 EPS of $1.05, $0.04 better than the analyst estimate of $1.01. Revenue for the quarter came in at $3.6 billion versus the consensus estimate of $3.46 billion.

First Quarter Highlights Include:

• Revenue of $3.6 billion, up 4% adjusted for currency exchange, commodity movements and divestitures
• U.S. GAAP net income of $240 million, diluted earnings per share of $0.92
  • Excluding special items, earnings of $1.05 per diluted share
• U.S. GAAP operating income margin of 8.3%
  • Adjusted Operating Income margin of 9.7%; Adjusted Operating Income of $345 million
• Generated $84 million of cash from operations
• Returned $283 million to shareholders through share repurchases and dividends

"Our stronger than expected first quarter performance reflects our portfolio of leading technologies aligned to the safe, green and connected mega trends, driving sustained above-market growth," said Kevin Clark, president and chief executive officer. "While our revised outlook for the year reflects softer global vehicle production and further headwinds from foreign exchange and commodities compared to our prior guidance, we continue to see the benefits of our flexible operating model and technology portfolio position us well for outperformance as these headwinds mitigate in the back half of the year and into 2020. Our mission to be our customers' partner of choice, uniquely providing the brain and nervous system of the vehicle, has created a sustainable business advantage for Aptiv, which in turn allows us to deliver long-term value to our shareholders through innovation, effective execution, profitable growth, strong cash flow generation and disciplined capital deployment."

GUIDANCE:

Aptiv sees Q2 2019 EPS of $1.11-$1.17, versus the consensus of $1.37. Aptiv sees Q2 2019 revenue of $3.6-3.7 billion, versus the consensus of $3.74 billion.

Aptiv sees FY2019 EPS of $4.90-$5.10, versus the consensus of $5.34. Aptiv sees FY2019 revenue of $14.425-14.825 billion, versus the consensus of $14.89 billion.

For earnings history and earnings-related data on Aptiv (APTV) click here.

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