Aptiv PLC (NYSE:APTV) Q2 2024 Earnings Conference Call August 1, 2024 8:00 AM ET

Company Participants

Jane Wu - VP, IR and Corporate Development
Kevin Clark - Chairman and CEO
Joseph Massaro - Vice Chairman and CFO

Conference Call Participants

Joe Spak - UBS
John Murphy - Bank of America
Itay Michaeli - Citi
William Tackett - Morgan Stanley
Dan Levy - Barclays
Mark Delaney - Goldman Sachs
Shreyas Patil - Wolfe Research
Tom Narayan - RBC

Operator

Good day and welcome to the Aptiv Q2 2024 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.

Jane Wu

Thank you, Jess. Good morning and thank you for joining Aptiv's second quarter 2024 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 reconciliation between GAAP and non-GAAP measures for our second quarter results as well as our 2024 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, Vice Chair and Chief Financial Officer. 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. Looking at the second quarter, we delivered record earnings and EPS, reflecting solid execution across the company as well as lower supply chain disruption costs, completion of the restructuring of the Motional joint venture, and lower share count. The strong earnings 180 basis points of operating margin expansion and 26% EPS growth was in spite of significant revenue headwinds from select customers, which Joe will provide more detail on later.

These headwinds were partially offset by strong ADAS revenue growth in North America and Europe as well as double-digit revenue growth with the Chinese local OEMs. Our cash flow performance continued to be strong, positioning us to repurchase over $400 million of stock during the quarter.