Analyst Note
| Richard Hilgert |Narrow-moat-rated Aptiv reported fourth-quarter earnings per share before special items, or EPS, of $1.27, $0.07 above the $1.20 FactSet consensus estimate and $0.58 higher than the $0.69 year-ago result as customer production shutdowns from the chip crunch alleviated. Fourth-quarter revenue also beat consensus by 5%, rising 12% to $4.6 billion from $4.1 billion last year. Excluding unfavorable currency, organic revenue climbed 19% higher, exceeding a 4% increase in global light vehicle production, weighted to Aptiv’s customer base, by 15% due to higher volume, the launch of new business, and customer cost recoveries.