By Dean Seal
Shares of Aptiv fell to a three-year low after the company logged better-than expected results in the third quarter but said full-year revenue would be affected by the recent autoworker labor strikes.
The stock fell more than 17% to a low of $71.01 in early trading. Shares are down more than 20% year-to-date and haven’t traded this low since May 2020.
The automotive technology company said Thursday that it would maintain its guidance for $19.95 billion to $20.25 billion in revenue this year, noting that the outlook includes a $180 million top-line effect from the United Auto Workers’ strikes at major auto plants.
For the third quarter, Aptiv posted a profit of $1.63 billion, or $5.76 a share, compared with $286 million, or $1.05 a share, in the same quarter a year ago.
Stripping out one-time items, adjusted earnings were $1.30 a share. Analysts surveyed by FactSet had been expecting $1.23 a share.
Revenue rose 11%, to $5.11 billion, topping analyst forecasts for $5.09 billion, according to FactSet.
Write to Dean Seal at [email protected]
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