Aptiv PLC ( APTV ) reported first-quarter financial results Thursday before the bell, following which the shares started soaring. Here’s a look at the key metrics from the quarter.

Q1 Earnings Detail: Aptiv ( APTV ) reported first-quarter adjusted earnings per share of $1.16, beating the street expectation of $1.01. The company reported quarterly revenues of $4.901 billion, missing the analyst consensus of $5.008 billion.

Adjusted for currency exchange and commodity movements, revenue increased by 2% in the first quarter, reflecting growth of 7% in Asia, which includes 9% in China and 2% in North America, partially offset by declines of 1% in Europe and 9% in South America.

“Aptiv delivered solid results in the first quarter with 200 basis points of margin expansion year-over-year and a return to growth above market, despite a slowdown in electrification in North America and Europe and persistent labor and material cost headwinds,” said Kevin Clark, chairman and chief executive officer. 

Adjusted operating income margin was 11.1%, compared to 9.1% in the prior year period, primarily reflecting improved operating performance, including the benefits of cost reduction initiatives, and increased volumes. Depreciation and amortization expenses totaled $230 million, an increase from $216 million in the prior year period.

“We secured significant new business awards totaling nearly $13 billion, including our first full system Gen 6 ADAS award and first power electronics win for the global market,” Clark added.

Restructuring Transactions: In April 2024, Aptiv ( APTV ) and Hyundai Motor ( HYMTF ) (OTC:HYMLY) entered into an agreement to restructure Aptiv’s ownership interest in Motional.

These transactions are anticipated to result in the reduction of Aptiv’s common equity interest from 50% as of March 31 to approximately 15%.

Outlook: Aptiv ( APTV ) raised FY24 adjusted earnings per share outlook in the range of $5.80 – $6.30 versus the street estimate of $5.75 (prior view: $5.55 – $6.05).

The company lowered its FY24 revenue outlook to $20.850 billion- $21.450 billion, versus the street view of $21.570 billion (prior view: $21.30 billion- $21.90 billion).

Price Action: APTV shares are trading higher by 11.6% to $77.87 at last check Thursday.

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