UPDATE: Aptiv (APTV) Tops Q2 EPS by 5c, Beats on Revenues; Offers FY18 Revenues Outlook Above Consensus
Aptiv (NYSE: APTV) reported Q2 EPS of $1.40, $0.05 better than the analyst estimate of $1.35. Revenue for the quarter came in at $3.7 billion versus the consensus estimate of $3.55 billion.
Second Quarter Highlights Include:
- Revenue of $3.7 billion, up 12% adjusted for currency exchange, commodity movements, acquisitions and divestitures
- U.S. GAAP net income from continuing operations of $291 million, diluted earnings per share from continuing operations of $1.10
- Excluding special items, earnings from continuing operations of $1.40 per diluted share, up 24%
- U.S. GAAP operating income margin of 11.4%
- Adjusted Operating Income margin of 12.9%, up 30 basis points; Adjusted Operating Income of $474 million, up 19%
- Generated $566 million of cash from continuing operations
- Returned $62 million to shareholders through share repurchases and dividends
- Completed acquisition of KUM; announced agreement to acquire Winchester Interconnect
"During the second quarter, we delivered record double-digit revenue growth, operating income, earnings per share and free cash flow," said Kevin Clark, president and chief executive officer. "We continued to see strong new business awards, totaling $11 billion year-to-date, focused on delivering the software capabilities, advanced computing platforms and networking architecture that are making the future of mobility real. Also in the quarter, we closed on the acquisition of KUM, an accretive bolt-on to our engineered components business, and announced the acquisition of Winchester Interconnect, a leading provider of custom engineered interconnect solutions for harsh environment applications, further establishing Aptiv as a market leader of connectivity solutions and reinforcing our strategy to diversify our business. As we look to the second half of 2018, we expect our portfolio of advanced technologies to drive continued above market growth, as reflected in our increased outlook for the year."
GUIDANCE:
Aptiv sees FY2018 EPS of $5.30-$5.40, versus the consensus of $5.35. Aptiv sees FY2018 revenue of $14.35-14.55 billion, versus the consensus of $14.28 billion.
For earnings history and earnings-related data on Aptiv (APTV) click here.