Aptiv PLC (NYSE:APTV) Q3 2023 Earnings Conference Call November 2, 2023 8:00 AM ET

Company Participants

Jane Wu - VP, IR & Corporate Development

Kevin Clark - Chairman & CEO

Joe Massaro - CFO & SVP, Business Operations

Conference Call Participants

Joe Spak - UBS

Rod Lache - Wolfe Research

John Murphy - Bank of America

Adam Jonas - Morgan Stanley

Chris McNally - Evercore

Itay Michaeli - Citi

Emmanuel Rosner - Deutsche Bank

Dan Levy - Barclays

Operator

Please standby. Good day, and welcome to the Aptiv Q3 2023 Earnings Call. Today's conference is being recorded.

At this time, I'd like to turn the conference over to Jane Wu, Vice President of Investor Relations and Corporate Development. Please go ahead.

Jane Wu

Thank you, Marjorie. Good morning, and thank you for joining Aptiv's third quarter 2023 earnings conference call. The press release and related tables, along with the slide presentation, can be found on the Investor Relations portion of our website at aptiv.com. Today's review of our financials exclude amortization, restructuring, and other special items and will address the continuing operations of Aptiv.

The reconciliations between GAAP and non-GAAP measures for our third quarter financials, as well as our full-year 2023 outlook are included at the back of the slide presentation and the earnings press release.

During today's call, we will be providing certain forward-looking information that reflects Aptiv's current view of future financial performance and may be materially different for reasons that we cite in our Form 10-K and other SEC filings.

Joining us today will be Kevin Clark, Aptiv's Chairman and CEO; and Joe Massaro, CFO and Senior Vice President of Business Operations. Kevin will provide a strategic update on the business, and Joe will cover the financial results in more detail before we open the call to Q&A.

With that, I'd like to turn the call over to Kevin Clark.

Kevin Clark

Thanks, Jane, and thanks, everyone, for joining us this morning.

Let’s begin on Slide 3. We delivered another strong quarter exceeding our expectations despite some headwinds. Touching on a few of the highlights, new business bookings totaled $6.6 billion, bringing the year-to-date total to a record $27 billion.

Revenues increased 7% to $5.1 billion, 2 points over the growth in vehicle production, reflecting double-digit growth in ASUX revenues and S&PS revenue growth in line with global vehicle production, the impact of the UAW strike in North America, as well as customer mix. EBITDA and operating income were both records totaling $727 million and $560 million respectively, reflecting solid flow-through on volume growth and ongoing operating performance initiatives, partially offset by unfavorable FX, timing related to customer recoveries, and the impact of the UAW strike.