11:40 AM EDT, 08/01/2024 (MT Newswires) -- (Adds share price movement, details of stock buyback programs in first, eighth and ninth paragraphs.)

Aptiv ( APTV ) jumped nearly 6% in Thursday's mid-morning trading after the auto-parts company's Q2 adjusted earnings beat Wall Street expectations, it raised its 2024 profit forecast and said it authorized a new, $5 billion stock buyback program.

The company (APTV) reported Q2 adjusted earnings of $1.58 per diluted share on Thursday, up from $1.25 a year earlier.

Analysts polled by Capital IQ expected $1.42.

Revenue for the quarter ended June 30 was $5.05 billion compared with $5.20 billion a year earlier.

Analysts surveyed by Capital IQ expected $5.30 billion.

The global technology company raised its full-year 2024 adjusted EPS outlook to $6.15 to $6.45 from $5.80 to $6.30. Analysts surveyed by Capital IQ expect $6.03.

The company lowered its 2024 revenue guidance to $20.10 billion to $20.40 billion from $20.85 billion to $21.45 billion. Capital IQ analysts expect $21.01 billion.

Aptiv ( APTV ) on Thursday also said it was authorizing the repurchase of up to $5 billion of its outstanding shares to begin following completion of its existing $2 billion stock buyback program that's been in place since January 2019. Aptiv ( APTV ) had roughly $600 million still available under its prior program at the end of June.

The company also said it was immediately moving forward with an accelerated stock buyback program with Goldman Sachs and JPMorgan Chase for $3 billion of its shares.

Price: 73.52, Change: +4.13, Percent Change: +5.94