Aptiv PLC (NYSE:APTV) Q4 2023 Earnings Conference Call January 31, 2024 8:00 AM ET
Company Participants
Jane Wu - VP, IR and Corporate Development
Kevin Clark - Chairman and CEO
Joe Massaro - CFO and SVP, Business Operations
Conference Call Participants
Joseph Spak - UBS
Chris McNally - Evercore
Rod Lache - Wolfe Research
Itay Michaeli - Citi
John Murphy - Bank of America
Mark Delaney - Goldman Sachs
Dan Levy - Barclays
Tom Narayan - RBC
Emmanuel Rosner - Deutsche Bank
Adam Jonas - Morgan Stanley
Operator
Good day, and welcome to the Aptiv's Q4 2023 Earnings Call. Today's conference is being recorded.
At this time, I would like to turn the conference over to Jane Wu, Vice President of Investor Relations and Corporate Development. Please go ahead, ma'am.
Jane Wu
Thank you, Jenny. Good morning, and thank you for joining Aptiv's fourth 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 fourth quarter and full year 2023 results as well as our 2024 outlook are included at the back of the slide presentation and 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 for Q&A.
With that, I'd like to turn the call over to Kevin Clark.
Kevin Clark
Thank you, Jane, and thanks everyone for joining us this morning.
Let's begin on Slide 3. Aptiv ended the year on a solid note with fourth quarter results broadly in-line with our expectations, demonstrating our ability to execute in a less predictable market.
Touching on a few highlights, new business bookings reached $7.7 billion, the result of continued demand for our portfolio of industry-leading advanced technologies; revenue was $4.9 billion, with growth over market impacted by the UAW strike and customer mix, which Joe will go through in more detail later; operating income totaled $600 million, reflecting a 90 basis point margin increase; the strong flow-through on volumes and operating performance more than offset headwinds from FX, commodities, and the UAW strike; we repurchased $300 million of stock during the quarter, given our share price and cash position.