Aptiv PLC reported third quarter 2024 U.S. GAAP revenue of $4.9 billion, a 5% decrease from the prior year period. Adjusted for currency exchange and commodity movements, revenue declined by 6% in the quarter, reflecting decreases across all major regions including a 7% drop in North America and 6% in Europe.
Despite the revenue decline, Aptiv delivered strong profitability, with adjusted earnings totaling $1.83 per diluted share, surpassing the $1.30 reported in the prior year period. Adjusted Operating Income increased to $593 million from $560 million, with the margin expanding to 12.2% from 11.0%, driven by improved operating performance and cost reduction initiatives.
The company revised its full-year 2024 revenue outlook to a range of $19.6 billion to $19.9 billion, citing incremental customer schedule reductions and broader weakness in automotive production volumes. The full-year adjusted earnings per share outlook was set at $6.00 to $6.30.
Aptiv continued its capital allocation strategy by repurchasing 31.7 million shares for $2.32 billion during the third quarter, including 30.8 million shares under its Accelerated Share Repurchase Program. Year-to-date, the company repurchased 44.4 million shares for $3.35 billion, with $2.52 billion remaining under the existing $5.0 billion authorization.
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