Aptiv PLC stock research
FY2024 Q1
Aptiv (APTV) Gross Margin — Quarter Ended Mar 31, 2024
Revenue was essentially flat versus the preceding quarter, while gross profit decreased and cost of revenue held steady, leading to a lower gross margin. Compared with the same quarter one year earlier, revenue increased, gross profit improved, and cost of revenue declined, resulting in a stronger gross margin.
Gross margin takeaway
Quarter ended Mar 31, 2024 · FY2024 Q1
Revenue was essentially flat versus the preceding quarter, while gross profit decreased and cost of revenue held steady, leading to a lower gross margin. Compared with the same quarter one year earlier, revenue increased, gross profit improved, and cost of revenue declined, resulting in a stronger gross margin.
- The gross margin weakened from the preceding quarter due to a reduction in gross profit with revenue unchanged. The year-over-year improvement in gross margin was supported by a combination of higher revenue and lower cost of revenue.
- Sequentially, gross margin was lower. Compared with the same quarter last year, gross margin was higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
17.9%
Gross profit
$878.0M
Revenue
$4.9B
Cost of revenue
$4.0B
Quarter-over-quarter change
+0.5 pts
Year-over-year change
+2.1 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Mar 31, 2023 | $4.8B | $760.0M | $4.1B | 15.8% |
| Jun 30, 2023 | $5.2B | $864.0M | $4.3B | 16.6% |
| Sep 30, 2023 | $5.1B | $893.0M | $4.2B | 17.5% |
| Mar 31, 2024 | $4.9B | $878.0M | $4.0B | 17.9% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2023
+0.5 pts
Year-over-year change
Mar 31, 2023
+2.1 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin weakened from the preceding quarter due to a reduction in gross profit with revenue unchanged. The year-over-year improvement in gross margin was supported by a combination of higher revenue and lower cost of revenue.
Sequentially, gross margin was lower. Compared with the same quarter last year, gross margin was higher.
Monitor the trajectory of gross profit relative to revenue, as the current period showed a decline in gross profit despite stable revenue.