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Aptiv Reports Reports Q2 Revenue Of $2B

Revenue decreased 46% from ongoing impacts of the coronavirus pandemic.

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Aptiv PLC, a global technology company focused on making mobility safer, greener and more connected, has reported a second quarter 2020 U.S. GAAP loss of $1.43 per diluted share. Excluding special items, the second quarter loss totaled $1.10 per diluted share. These results include the adverse impacts of global vehicle production declines of 45% (54% on an Aptiv weighted market basis1) in the second quarter, largely resulting from the ongoing impacts of the novel coronavirus (“COVID-19”) pandemic.

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Second Quarter Highlights Include:

  • U.S. GAAP revenue of $2 billion, a decrease of 46%
  • Revenue decreased 43% adjusted for currency exchange, commodity movements and divestitures; largely resulting from volume declines associated with the adverse impacts of the COVID-19 pandemic
  • U.S. GAAP net loss of $369 million, diluted loss per share of $1.43
  • Excluding special items, diluted loss per share of $1.10
  • U.S. GAAP operating loss of $311 million
  • Adjusted Operating Loss of $229 million; Adjusted EBITDA loss of $49 million
  • Cash used in operations of $106 million
  • Executed ordinary and preferred equity offerings which generated net proceeds of $2.23 billion; enhancing financial flexibility and strengthening long-term position

Year-to-Date Highlights Include:

  • U.S. GAAP revenue of $5.2 billion, a decrease of 28%
  • Revenue decreased 26% adjusted for currency exchange, commodity movements and divestitures; largely resulting from volume declines associated with the adverse impacts of the COVID-19 pandemic
  • U.S. GAAP net income of $1,203 million, diluted earnings per share of $4.66; which includes a gain of $5.57 per diluted share resulting from the completion of the autonomous driving joint venture in the first quarter
  • Excluding special items, diluted loss per share of $0.44
  • U.S. GAAP operating income of $1,308 million; which includes a gain of $1,434 million resulting from the completion of the autonomous driving joint venture in the first quarter
  • Adjusted Operating Income of $2 million; Adjusted EBITDA of $362 million
  • Generated $55 million of cash from operations

“I am extremely proud of how our organization came together and operated as One Aptiv during the second quarter, keeping our employees safe while delivering for our customers in the wake of the pandemic,” said Kevin Clark, president and CEO. “Our teams worked tirelessly to ensure Aptiv’s facilities were ready to safely resume operations while also executing launches flawlessly with our customers. As a result, our second-quarter performance reflects the benefits of our strategically positioned product portfolio and our more sustainable business model. As we move forward, we are prepared for the possibility of continued variability in customer and market demand, leveraging our flexible cost structure, strong balance sheet and key growth initiatives to remain resilient in the face of these challenges while continuing to create long-term value for all of our stakeholders.”

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Q3 and Full Year 2020 Outlook 
Aptiv said it will not be providing third quarter and full year 2020 financial guidance at this time, given the continuing uncertain environment, including the outlook for consumer demand and potential supply chain interruptions adversely impacting vehicle production.

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