Analyst Note
| Richard Hilgert |Narrow-moat-rated Aptiv reported first-quarter earnings per share before special items, or EPS, of $0.63, $0.02 ahead of the $0.61 FactSet consensus estimate but $0.54 below the $1.17 EPS year-ago result on unpredictable customer production shutdowns from the chip crunch, China COVID-19 lockdowns, the Ukraine crisis, higher raw material costs, and other inflationary cost pressures. Despite the headwinds, first-quarter revenue topped the FactSet consensus by 121 million or 3%, increasing 4% to $4.18 billion from $4.02 billion last year. Organic revenue also edged 4% higher, exceeding a 7% plunge in global light vehicle production weighted to Aptiv’s customer base by 11 percentage points.