Aptiv Beats Q3 Earnings Estimates But Revenue Growth Slows on EV Launch Delays
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Aptiv reported Q3 EPS of $1.30, exceeding estimates, but revenue growth slowed due to EV launch delays.
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Q3 revenue rose 11% to $5.1B, organic growth 7%, exceeding auto production growth by 2%.
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Adjusted EBIT was $560M, up 7%, but margin fell due to UAW strike and currency.
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Free cash flow nearly doubled to $534M on improved earnings and working capital.
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Market overreacted to slower EV growth concerns, as EVs only add 1% to Aptiv's growth over market.