Aptiv said its second-quarter net income fell 5.8 percent to $274 million, citing low vehicle production and a flat commercial vehicle market.
The company, which has a major stake in autonomous vehicle r&d, said its second-quarter operating margin declined to 11.2 percent from 12.9 percent because of unfavorable impacts of foreign currency exchange, vehicle production declines in China and continued incremental investments for growth.
Revenue fell 1.5 percent to $3.63 billion during the latest period.
Aptiv shares rose 7.4 percent to close at $87.65 on Wednesday. On a per-share basis, adjusted earnings came in at $1.33, 20 cents above the Wall Street forecast, according to a UBS analyst report.
Revenue in the company’s biggest business, signal and power solutions, fell 2.5 percent to $2.56 billion during the quarter, while sales of advanced safety and user experience components stayed relatively flat at $1.05 billion.
Depreciation and amortization expense in the second quarter…