Automotive Technology Supplier Aptiv Warns On $180M Adverse Impact From UAW Strike; Stock Plunges
Portfolio Pulse from Shivani Kumaresan
Aptiv PLC reported Q3 FY23 sales growth of 10.8% YoY to $5.11 billion, beating the analyst consensus estimate. However, the company warned of a $180 million revenue impact due to the UAW strike in Q3 and $1.10 per diluted share for the anticipated equity losses from the performance of the Motional autonomous driving joint venture. Following the news, APTV shares traded lower by 17.3%.
November 02, 2023 | 2:17 pm
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Aptiv's Q3 FY23 sales beat estimates but the company warned of a significant impact from the UAW strike and equity losses from its joint venture. This news led to a 17.3% drop in APTV shares.
Aptiv's Q3 sales beat estimates, which would typically be positive for the stock. However, the company's warning of a significant impact from the UAW strike and equity losses from its joint venture outweighed the positive earnings news, leading to a sharp drop in the stock price.
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