Aptiv PLC APTV disclosed that its Board of Directors has approved a plan to separate its Electrical Distribution Systems (EDS) business from Aptiv, creating two independent entities.
Aptiv also reaffirmed its 2024 outlook, with a fourth-quarter earnings report scheduled for February 6, 2025. While reporting third-quarter results in October, Aptiv said it expects FY24 adjusted earnings per share in the range of $6.00-$6.30 ($6.12 estimate) and net sales of $19.60 billion-$19.90 billion ($19.68 billion estimate).
Kevin Clark, Aptiv's Chairman and CEO, emphasized that the separation is part of the company's broader transformation strategy.
"Following completion of the transaction, Aptiv will have a portfolio of advanced software and hardware technologies and highly engineered, mission-critical products that are aligned with global mega trends fueling growth in diverse end markets," Clark said.
Aptiv's shares gained 1.5% to close at $62.73 on Wednesday.
These analysts made changes to their price targets on Aptiv following the announcement.
- Piper Sandler analyst Alexander Potter upgraded Aptiv from Underweight to Neutral and raised the price target from $53 to $65.
- Baird analyst David Leiker maintained the stock with a Neutral and raised the price target from $70 to $75.
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