Aptiv Reports Q4 2022 Financial Results

Aptiv Reports Q4 2022 Financial Results

The company reported U.S. GAAP net income of $531 million, diluted earnings per share of $1.96.

Aptiv PLC, a global technology company focused on making mobility safer, greener and more connected, has reported fourth quarter 2022 U.S. GAAP earnings of $0.86 per diluted share. Excluding special items, fourth quarter earnings totaled $1.27 per diluted share.

Fourth Quarter Financial Highlights Include:

  • U.S. GAAP revenue of $4.6 billion, an increase of 12%
  • Revenue increased 19% adjusted for currency exchange, commodity movements and acquisitions; growth over market of 15% based on AWM1 of 4%
  • U.S. GAAP net income of $233 million, diluted earnings per share of $0.86
  • Excluding special items, diluted earnings per share of $1.27
  • U.S. GAAP operating income margin of 9.5%
  • Adjusted Operating Income margin of 11.3%; Adjusted Operating Income of $523 million; Adjusted EBITDA margin of 14.5%; Adjusted EBITDA of $674 million
  • Generated $933 million of cash from operations
  • Completed acquisition of Wind River and acquired an 85% interest in Intercable Automotive
  • Full Year 2022 Financial Highlights Include:
  • U.S. GAAP revenue of $17.5 billion, an increase of 12%
  • Revenue increased 16% adjusted for currency exchange, commodity movements and acquisitions; growth over market of 11% based on AWM1 of 5%
  • U.S. GAAP net income of $531 million, diluted earnings per share of $1.96
  • Excluding special items, diluted earnings per share of $3.41
  • U.S. GAAP operating income margin of 7.2%
  • Adjusted Operating Income margin of 9.1%; Adjusted Operating Income of $1,585 million; Adjusted EBITDA margin of 12.5%; Adjusted EBITDA of $2,190 million
  • Generated $1,263 million of cash from operations

“Our results for the year continue to demonstrate our solid operating execution, the strength of our product portfolio and our ability to provide solutions for our customers,” said Kevin Clark, chairman and CEO. “We achieved a second year of record new business bookings and revenues increased 16% in 2022. 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.”

Fourth Quarter 2022 Results

For the three months ended Dec. 31, 2022, the company reported U.S. GAAP revenue of $4.6 billion, an increase of 12% from the prior year period. Adjusted for currency exchange, commodity movements and acquisitions, revenue increased by 19% in the fourth quarter. This reflects growth of 22% in Europe, 21% in North America, 12% in Asia, which includes 8% in China, and 40% in South America, our smallest region.

The company reported fourth quarter 2022 U.S. GAAP net income of $233 million and earnings of $0.86 per diluted share, compared to $15 million and $0.06 per diluted share in the prior year period. Fourth quarter Adjusted Net Income, a non-GAAP financial measure defined below, totaled $361 million, or $1.27 per diluted share, compared to $193 million, or $0.68 per diluted share in the prior year period.

Full Year 2022 Results

For the year ended Dec. 31, 2022, the company reported U.S. GAAP revenue of $17.5 billion, an increase of 12% from the prior year. Adjusted for currency exchange, commodity movements and acquisitions, revenue increased by 16% during the year. This reflects growth of 20% in North America, 15% in Asia, which includes 15% in China, 11% in Europe and 37% in South America, our smallest region.

For full year 2022, the company reported U.S. GAAP net income of $531 million and earnings of $1.96 per diluted share, compared to $527 million and $1.94 per diluted share in the prior year. Full year 2022 Adjusted Net Income totaled $967 million, or $3.41 per diluted share, compared to $868 million, or $3.06 per diluted share, in the prior year.

The company reported Adjusted Operating Income of $1,585 million for full year 2022, compared to $1,378 million in the prior year. Adjusted Operating Income margin was 9.1% for full year 2022, compared to 8.8% in the prior year, reflecting increased global vehicle production and the favorable impact of material cost recoveries, partially offset by the adverse impacts from COVID-19 pandemic lockdowns in China, continued adverse impacts from global inflationary pressures and the worldwide semiconductor shortage. Depreciation and amortization expense totaled $762 million, as compared to $773 million in the prior year.

Two Acquisitions Completed in Fourth Quarter

The company completed the acquisition of Wind River Systems Inc. in December 2022. Wind River is a global leader in delivering software for the intelligent edge and Aptiv says it expects this acquisition to accelerate the journey to a software-defined future of the automotive industry.

The company also acquired an 85% interest in Intercable Automotive Solutions S.r.l. in November 2022. Intercable Automotive is an industry leader in high-voltage power distribution and interconnect technology and we expect this acquisition to enhance our position as a leader in vehicle architecture systems.

Full Year 2023 Outlook

The company’s full year 2023 financial guidance is as follows:

(in millions, except per share amounts)Full Year 2023
Net sales$18,700 – $19,300
Adjusted EBITDA$2,585 – $2,745
Adjusted EBITDA margin13.8% – 14.2%
Adjusted operating income$1,920 – $2,080
Adjusted operating income margin10.3% – 10.8%
Adjusted net income per share (1)$4.00 – $4.50
Cash flow from operations$1,900
Capital expenditures$950
Adjusted effective tax rate~14.5%
(1) The Company’s full year 2023 financial guidance includes approximately $1.10 per diluted share for the anticipated equity losses to be recognized by Aptiv from the performance of the Motional autonomous driving joint venture. 

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