Aptiv PLC, a global technology company focused on making the world safer, greener and more connected, today reported a first quarter 2025 U.S. GAAP loss of $0.05 per diluted share. Excluding special items, first quarter earnings totaled $1.69 per diluted share.
First Quarter Financial Highlights Include:
- U.S. GAAP revenue of $4.8 billion, a decrease of 2%
- Revenue decreased 1% adjusted for currency exchange and commodity movements, compared to a decrease of 2% on an AWM1 basis
- U.S. GAAP net loss of $11 million, U.S. GAAP net loss margin of 0.2%; U.S. GAAP diluted loss per share of $0.05
- Excluding special items, diluted earnings per share of $1.69
- U.S. GAAP operating income of $448 million, U.S. GAAP operating income margin of 9.3%
- Adjusted Operating Income of $572 million, Adjusted Operating Income margin of 11.9%; Adjusted EBITDA of $758 million, Adjusted EBITDA margin of 15.7%
- Generated $273 million of cash from operations
1 Represents global vehicle production weighted to the geographic regions in which the Company generates its revenue (“AWM”).
“Our solid first quarter performance validates our industry-leading portfolio, global capabilities, and relentless focus on operational excellence,” said Kevin Clark, chair and chief executive officer. “The company delivered record first quarter adjusted earnings per share, driven by strong execution and proactive capital allocation initiatives. As we navigate through near-term geopolitical uncertainties, our robust business model allows us to remain agile and responsive in a dynamic macroenvironment. Longer-term, we remain well-positioned to enable the electrified, software-defined, and connected future across industries.”
First Quarter 2025 Results
For the three months ended March 31, 2025, the Company reported U.S. GAAP revenue of $4.8 billion, a decrease of 2% from the prior year period. Adjusted for currency exchange and commodity movements, revenue decreased by 1% during the first quarter. This reflects declines of 4% in Europe, 2% in North America and 3% in South America, our smallest region, partially offset by growth of 5% in Asia, which includes growth of 2% in China.
The Company reported a first quarter 2025 U.S. GAAP net loss of $11 million, a loss of $0.05 per diluted share and net loss margin of 0.2%, compared to net income of $218 million, earnings of $0.79 per diluted share and net income margin of 4.4% in the prior year period. First quarter Adjusted Net Income, a non-GAAP financial measure defined below, totaled $390 million, or earnings of $1.69 per diluted share, compared to $318 million, or $1.16 per diluted share, in the prior year period.
First quarter U.S. GAAP operating income was $448 million, compared to $419 million in the prior year period. The Company reported first quarter Adjusted Operating Income, a non-GAAP financial measure defined below, of $572 million, compared to $544 million in the prior year period. Adjusted Operating Income margin was 11.9%, compared to 11.1% in the prior year period, primarily reflecting improved operating performance, including the benefits of cost reduction initiatives. Depreciation and amortization expense totaled $242 million, an increase from $230 million in the prior year period.
Interest expense for the first quarter totaled $93 million, an increase from $65 million in the prior year period, primarily driven by debt transactions in the third quarter of 2024 in part to finance our $3.0 billion accelerated share repurchase program.
Tax expense in the first quarter of 2025 was $356 million, which primarily reflects an increase to valuation allowances of approximately $300 million on deferred tax assets impacted by the OECD Administrative Guidance issued in the quarter. Tax expense in the first quarter of 2024 was $76 million.
The Company generated net cash flow from operating activities of $273 million in the first quarter, compared to $244 million in the prior year period.
Reconciliations of Adjusted Revenue Growth, Adjusted Operating Income, Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income Per Share and Cash Flow Before Financing, which are non-GAAP measures, to the most directly comparable financial measures, respectively, calculated and presented in accordance with accounting principles generally accepted in the United States (“GAAP”) are provided in the attached supplemental schedules.
Share Repurchase Program
During the first quarter of 2025, under the Company’s Accelerated Share Repurchase (ASR) Program, Aptiv received incremental deliveries of 11.7 million shares. In April 2025, Aptiv received further incremental deliveries of 6.0 million shares, representing the final settlement under the ASR Program. Under the ASR Program, Aptiv received total deliveries of 48.5 million shares at an average price of $61.84 per share. All shares received under the ASR program were retired. There was no other share repurchase activity during the quarter. As of March 31, 2025, $2.52 billion remained available for future share repurchases under the existing $5.0 billion authorization.
Realignment of Operating Segments
In connection with the planned spin-off of the Company’s Electrical Distribution Systems business, in the first quarter of 2025, Aptiv realigned its business into three reportable operating segments: Electrical Distribution Systems, Engineered Components Group and Advanced Safety and User Experience. Prior period amounts were adjusted retrospectively to reflect the change in reportable operating segments, consistent with the current year presentation.
Q2 and Full Year 2025 Outlook
The Company’s second quarter and full year 2025 financial guidance is below. The Company’s full year 2025 financial guidance does not reflect the potential impacts of recently imposed or threatened tariffs by the U.S. government, or the potential for additional tariffs, trade barriers or retaliatory actions by the U.S. or other countries. The Company will update its full year 2025 guidance when visibility of such impacts improves.
| (in millions, except per share amounts) | Q2 2025 | Full Year 2025 |
| Net sales | $4,920 – $5,120 | $19,600 – $20,400 |
| U.S. GAAP net income | $280 – $320 | $1,180 – $1,320 |
| U.S. GAAP net income margin | 5.7% – 6.3% | 6.0% – 6.5% |
| U.S. GAAP operating income | $400 – $460 | $1,855 – $2,035 |
| U.S. GAAP operating income margin | 8.1% – 9.0% | 9.5% – 10.0% |
| Adjusted EBITDA | $735 – $795 | $3,095 – $3,275 |
| Adjusted EBITDA margin | 14.9% – 15.5% | 15.8% – 16.1% |
| Adjusted operating income | $545 – $605 | $2,330 – $2,510 |
| Adjusted operating income margin | 11.1% – 11.8% | 11.9% – 12.3% |
| U.S. GAAP diluted net income per share (a) | $1.30 – $1.50 | $5.25 – $5.85 |
| Adjusted net income per share (a) | $1.70 – $1.90 | $7.00 – $7.60 |
| Cash flow from operations | $2,100 | |
| Capital expenditures | $880 | |
| U.S. GAAP effective tax rate | ~17.5% | |
| Adjusted effective tax rate | ~17.5% |
(a) The Company’s second quarter and full year 2025 financial guidance includes approximately $0.05 and $0.30, respectively, per diluted share for the anticipated equity losses to be recognized by Aptiv from the performance of the Motional autonomous driving joint venture.
SOURCE: Aptiv
