Aptiv PLC (NYSE: APTV), a global technology company focused on making mobility safer, greener and more connected, today reported first quarter 2020 U.S. GAAP earnings of $6.14 per diluted share, which includes a gain of $5.63 per diluted share resulting from the completion of Aptiv’s autonomous driving joint venture with Hyundai Motor Group (“Hyundai”). Excluding special items, first quarter earnings totaled $0.68 per diluted share. These results include the adverse impacts of global vehicle production declines of 24% in the first quarter, largely resulting from the ongoing impacts of the novel coronavirus (“COVID-19”) pandemic.
First Quarter Highlights Include:
- U.S. GAAP revenue of $3.2 billion, a decrease of 10%
- Revenue decreased 7% adjusted for currency exchange, commodity movements and divestitures; largely resulting from volume declines associated with the adverse impacts of the COVID-19 pandemic
- U.S. GAAP net income of $1,572 million, diluted earnings per share of $6.14; which includes a gain of $5.63 per diluted share resulting from the completion of the autonomous driving joint venture
- Excluding special items, earnings of $0.68 per diluted share
- U.S. GAAP operating income margin of 50.2%, operating income of $1,619 million; which includes a gain of $1,434 million resulting from the completion of the autonomous driving joint venture
- Adjusted Operating Income margin of 7.2%, Adjusted Operating Income of $231 million
- Generated $161 million of cash from operations
- Extended existing Credit Agreement to August 2022; further strengthening liquidity and enhancing financial flexibility in response to the COVID-19 pandemic
“I want to thank Aptiv team members globally for their dedication and efforts to ensure the health and safety of our employees and the flawless delivery for our customers in the first quarter,” said Kevin Clark, president and chief executive officer. “Initially in China, and then globally, we implemented robust measures in each of our facilities to ensure employees were protected and safe restart protocols were in place. During the first quarter, we also took decisive actions in partnership with our key stakeholders, to preserve our financial strength, and better position Aptiv to navigate, innovate and lead through the disruption. Reflecting on the progress we have made the past few years to strengthen our through-cycle resiliency, we entered these unprecedented times with an incredibly strong balance sheet, robust business model and strategically positioned product portfolio. As we continue to adapt during this crisis, we are committed to proactively preserving capital and managing our costs, investing in our key growth technologies and being resilient in the face of the challenges that remain ahead to help protect the long-term opportunities for our employees, customers and shareholders.”
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SOURCE: Aptiv
