Aptiv PLC, a global technology company enabling the future of mobility, has reported second quarter 2019 U.S. GAAP earnings of $1.07 per diluted share. Excluding special items, second quarter earnings totaled $1.33 per diluted share.
“Aptiv’s second quarter performance, including sustained strong above-market growth despite weak global vehicle production, reflects the efforts we have taken to build a more sustainable business, perfectly positioned to efficiently solve our customer’s toughest challenges,” said Kevin Clark, president and CEO. “As evidenced by our performance in the first half of this year, we are well-positioned to outperform in any environment, giving us confidence in our ability to deliver on our commitments for the remainder of the year despite our expectation of continued market headwinds. Further, our effective execution, investments for growth and disciplined capital deployment priorities have further strengthened our technology position and robust business model, allowing us to deliver long-term sustainable value to our shareholders.”
Second Quarter 2019 Results
The company reported second quarter 2019 U.S. GAAP revenue of $3.6 billion, a decrease of 2% from the prior year period. Adjusted for currency exchange, commodity movements and divestitures, revenue increased by 4% in the second quarter. This reflects growth of 7% in Europe, 2% in Asia, which includes a decline of 6% in China, 1% in North America and 14% in South America.
The company reported second quarter 2019 U.S. GAAP net income of $274 million and earnings of $1.07 per diluted share, compared to $291 million and $1.10 per diluted share in the prior year period. Second quarter Adjusted Net Income, a non-GAAP financial measure defined below, totaled $342 million, or $1.33 per diluted share, compared to $372 million, or $1.40 per diluted share, in the prior year period.
Year-to-Date 2019 Results
For the six months ended June 30, 2019, the company reported U.S. GAAP revenue of $7.2 billion, a decrease of 2% from the prior year period. Adjusted for currency exchange, commodity movements and divestitures, revenue increased by 4% during the period. This reflects growth of 6% in Europe, 4% in North America and flat performance in South America and Asia, which includes a decline of 9% in China.
For the 2019 year-to-date period, the company reported U.S. GAAP net income of $514 million and earnings of $1.99 per diluted share, compared to $598 million and $2.25 per diluted share in the prior year period. Year-to-date Adjusted Net Income totaled $615 million, or $2.38 per diluted share, compared to $715 million, or $2.69 per diluted share, in the prior year period.
