Aptiv ( NYSE: APTV ) notched a top and bottom line beat for the fourth quarter, but offered a somewhat mixed forecast for 2023.
For the quarter reported, the Irish-American auto tech company reported $1.27 in earnings per share, exceeding expectations by $0.09. Meanwhile, a 12.3% jump in revenue from the prior year to $4.64B cruised past consensus estimates by $200M.
“We achieved a second year of record new business bookings and revenues increased 16% in 2022,” CEO Kevin Clark said. “Despite macroeconomic uncertainty, supply disruptions and inflationary cost impacts that are likely to persist in 2023, our continued focus on operational excellence, along with our recent acquisitions of Wind River and Intercable Automotive, have positioned Aptiv for accelerated growth over the long-term.”
Moving forward, the company anticipates net sales in the range of $18.7B to $19.3B for the full-year 2023, falling short of the consensus of $19.32B. Additionally, an adjusted EPS guide in the range of $4 to $4.50 came in below the consensus of $4.64. An adjusted operating income margin forecast of 11.3% was also below the 12.3% consensus expectation.
Aptiv ( APTV ) shares rose about 1% at Thursday’s market open.
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Aptiv tops Q4 earnings estimates, offers cautious profit guidance