Why Aptiv Shares Are Moving Higher Thursday

Aptiv PLC APTV stock is trading higher on Thursday after the company reported better-than-expected second-quarter adjusted EPS results.

The Details: The company reported adjusted EPS of $1.58 beating analyst estimates of $1.42 and sales of $5.05 billion missing analyst estimates of $5.31 billion.

The reported sales figure represents a 5% year-over-year decrease. In addition, Aptiv reported adjusted EBITDA of $788 million, adjusted operating income of $606 million and $643 million in cash from operations.

Aptiv made changes to its 2024 fiscal year guidance. Specifically, Aptiv now sees fiscal year revenue from $20.1 billion to $20.4 billion versus analyst estimates of $21.03 billion. The company previously expected revenue from $20.85 billion to $21.45 billion.

The company sees adjusted EPS of $6.15 to $6.45 versus analyst estimates of $6.03. Previously, Aptiv expected adjusted EPS to be between $5.8 and $6.3.

What Else: Aptiv announced on Thursday that its board of directors authorized a $5 billion share repurchase program, which will start following the completion of the company’s previous $2 billion share repurchase program from January 2019.

With the new and existing approvals, the company will start a $3 billion accelerated share repurchase program immediately. During the second quarter of 2024, Aptiv repurchased 5.4 million shares for $434 million, leaving approximately $600 million available for future share repurchases.

Aptiv Price Action: As of Thursday morning, Aptiv stock is trading more than 5.1% higher at $72.95 per share, according to data from Benzinga Pro.

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