Aptiv PLC (APTV) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

May 4, 2023 8:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day, and welcome to the Aptiv Q1 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, Investor Relations and Corporate Development. Please, go ahead.

Jane Wu - VP, IR and Corporate Development

Thank you, Ally. Good morning and thank you for joining Aptiv's first 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 we'll address the continuing operations of Aptiv. The reconciliations between GAAP and non-GAAP measures for our first 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 - Chairman & CEO

Thanks, Jane, and thanks, everyone, for joining us this morning. Beginning on Slide 3. We had a strong start to the year, showcasing our ability to continue to execute in a dynamic macro environment. Touching on a few of the highlights.

Revenue increased 15% to $4.8 billion, a new record for quarterly revenue, representing 6 points of growth over underlying vehicle production, supported by strength across all regions and product lines, particularly in our ASUX segment.

Operating income and earnings per share totaled $437 million and $0.91 respectively, reflecting solid flow-through on volume growth and contributions from our recent acquisitions, Wind River and Intercable Automotive, partially offset by periodic supply chain disruptions and unfavorable foreign exchange and commodity prices.

New business bookings totaled $13.9 billion, driven by a record level of customer awards for our Smart Vehicle Architecture and High-Voltage solutions, further demonstrating our strategic value to our customers as the industry accelerates towards the fully electrified software-defined vehicle.