Aptiv plc Q4 FY2023 results: revenue $4.9 billion, up 6.0% on the year

Aptiv plc (APTV) reported revenue of $4.9 billion for Q4 FY2023, the quarter ended 31 December 2023, up 6.0% on the same quarter a year earlier. Net income was $905 million, up 263.5% on the year, and diluted earnings per share $3.22. The figures are the company's own, from the 10-K it filed with the SEC on 6 February 2024.

Revenue$4.9 billionup 6.0%

Net income$905 millionup 263.5%

Diluted EPS$3.22

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	4,919	5,114	n/a	n/a
Cost of revenue	3,997	4,221	n/a	n/a
Gross profit	922	893	n/a	n/a
Gross margin	18.7%	17.5%	n/a
Selling, general and administrative	381	360	n/a	n/a
Operating income	355	446	n/a	n/a
Operating margin	7.2%	8.7%	n/a
Interest expense	71.0	75.0	n/a	n/a
Pre-tax income	311	397	n/a	n/a
Income tax	-725	-1,312	n/a	n/a
Effective tax rate	-233.1%	-330.5%	n/a
Net income	905	1,629	n/a	n/a
Net margin	18.4%	31.9%	n/a
Diluted EPS	$3.22	$5.76	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	624	746	n/a	n/a
Capital expenditure	203	212	n/a	n/a
Free cash flow	421	534	n/a	n/a
Free cash flow margin	8.6%	10.4%	n/a
Depreciation and amortisation	246	226	n/a	n/a
Share-based compensation	33.0	31.0	n/a	n/a
Buybacks	300	0.0	n/a	n/a
Diluted shares, weighted	281m	283m	n/a	n/a
Shares outstanding at period end	279m	283m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	24,427	23,711	n/a	n/a
Cash and equivalents	1,640	1,808	n/a	n/a
Receivables	3,546	3,647	n/a	n/a
Inventory	2,365	2,432	n/a	n/a
Goodwill	5,151	5,073	n/a	n/a
Total debt, as filed	6,213	6,462	n/a	n/a
Long-term debt	6,296	6,419	n/a	n/a
Long-term debt including finance leases	6,204	6,419	n/a	n/a
Operating lease liabilities	453	419	n/a	n/a
Finance lease liabilities	9.0	n/a	n/a	n/a
Shareholders' equity	11,548	10,778	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026
Revenue	5,114	4,919	4,901	5,051	4,854	4,907	4,825	5,208	5,212	5,153	5,086	3,274
Cost of revenue	4,221	3,997	4,023	4,083	3,951	3,945	3,905	4,211	4,194	4,190	4,166	2,499
Gross profit	893	922	878	968	903	962	920	997	1,018	963	920	775
Gross margin	17%	19%	18%	19%	19%	20%	19%	19%	20%	19%	18%	24%
SG&A	360	381	366	405	331	363	384	406	433	450	427	332
Operating income	446	355	419	441	503	479	448	486	-175	425	378	367
Operating margin	9%	7%	9%	9%	10%	10%	9%	9%	-3%	8%	7%	11%
Interest expense	75.0	71.0	65.0	64.0	101	107	93.0	91.0	90.0	87.0	89.0	62.0
Pre-tax income	397	311	369	1,028	407	347	355	453	-243	354	285	366
Tax rate	-330%	-233%	21%	5%	8%	18%	100%	10%	n/a	55%	28%	14%
Net income	1,629	905	218	938	363	268	-11.0	393	-355	138	189	248
Net margin	32%	18%	4%	19%	7%	5%	-0%	8%	-7%	3%	4%	8%
Diluted EPS	$5.76	$3.22	$0.79	$3.47	$1.48	$1.14	-$0.05	$1.80	-$1.63	$0.64	$0.88	$1.17
Operating cash flow	746	624	244	643	499	1,060	273	510	584	818	-143	92.0
Capital expenditure	212	203	265	226	173	166	197	149	143	167	219	59.0
Free cash flow	534	421	-21.0	417	326	894	76.0	361	441	651	-362	33.0
Buybacks	0.0	300	600	430	3,074	0.0	0.0	0.0	96.0	301	76.0	246
Shares outstanding	283m	279m	272m	267m	235m	235m	224m	218m	217m	213m	212m	208m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 6 February 2024, accession 0001521332-24-000011: the filing on EDGAR. All of Aptiv plc's filings: EDGAR company page.

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