2023-05-04 07:08:33 ET
Aptiv ( NYSE: APTV ) reported stronger than expected sales in Q1, but remained cautious on the year ahead in an earnings update on Thursday.
The Irish-American auto technology company beat top-line expectations, reporting a 15.3% jump in revenue to $4.82B, $230M above consensus estimates. Meanwhile, $0.91 in adjusted EPS for the quarter was in-line with expectations.
“We had a strong start to the year with record revenue and near-record bookings in the first quarter, underscoring Aptiv's increasing competitive differentiation and strategic value to our customers as the industry transitions further towards the fully-electrified, software-defined vehicle,” CEO Kevin Clark said. “Bolstered by our recent acquisitions of Wind River and Intercable Automotive, we continue to gain commercial traction across our portfolio, particularly in our Smart Vehicle ArchitectureTM and high voltage platforms. Combined with our relentless focus on execution and operational excellence, we remain confident in our ability to deliver on our outlook for 2023.”
Despite the sales beat in Q1, management offered somewhat light guidance for the remainder of the year. Net sales are expected to range from $18.7B to $19.3B, disappointing against the consensus of $19.47B. Adjusted EPS are projected to range from $4 to $4.50, also suggesting downside to the Street consensus of $4.43.
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Aptiv notches record revenue in Q1, maintains full-year guide