Source: Aptiv announcement
DUBLIN — Aptiv PLC (NYSE: APTV), a global technology company focused on making mobility safer, greener and more connected, reported first quarter 2021 U.S. GAAP earnings of $1.03 per diluted share. Excluding special items, first quarter earnings totaled $1.06 per diluted share.
“We had a strong start to the year, delivering better than expected revenues, earnings and cash flow, underscoring our ability to outperform despite tightening supply chains globally,” said Kevin Clark, president and chief executive officer. “Our relentless focus on execution is helping to support ramping customer schedules as the post-pandemic recovery takes hold. As a result, we continue to be our customers’ partner of choice, as evidenced by our robust new business awards in the first quarter as customers leverage our unique portfolio of advanced technologies and global capabilities to accelerate their transition to the electrified, software-defined vehicles of the future.”
Aptiv Introduces Next-Gen ADAS Platform
First Quarter 2021 Results
For the three months ended March 31, 2021, the Company reported U.S. GAAP revenue of $4.0 billion, an increase of 25 percent from the prior year period. Adjusted for currency exchange, commodity movements and divestitures, revenue increased by 20 percent in the first quarter. This reflects growth of 64 percent in Asia, which includes growth of 94 percent in China, 11 percent in Europe, 5 percent in North America and 28 percent in South America, our smallest region.
The Company reported first quarter 2021 U.S. GAAP net income of $279 million and earnings of $1.03 per diluted share, compared to $1,572 million and $6.14 per diluted share in the prior year period, which includes a non-cash gain of $5.63 per diluted share resulting from the completion of the Motional autonomous driving joint venture with Hyundai. First quarter Adjusted Net Income, a non-GAAP financial measure defined below, totaled $301 million, or earnings of $1.06 per diluted share, compared to $173 million, or $0.68 per diluted share, in the prior year period.
First quarter Adjusted Operating Income, a non-GAAP financial measure defined below, was $437 million, compared to $231 million in the prior year period. Adjusted Operating Income margin was 10.9 percent, compared to 7.2 percent in the prior year period, reflecting higher global vehicle production levels in the quarter, lapping the impacts of the pandemic-related shutdowns in the prior year period, partially offset by costs incurred in connection with the global supply chain disruptions currently impacting the industry. Depreciation and amortization expense totaled $193 million, an increase from $180 million in the prior year period.
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