Aptiv PLC stock research
FY2024 Q3
Aptiv (APTV) Gross Margin — Quarter Ended Sep 30, 2024
Revenue and cost of revenue both decreased from the previous quarter, resulting in a lower gross profit and gross margin. Compared to the same quarter last year, revenue was lower while gross profit improved, yielding a higher gross margin.
Gross margin takeaway
Quarter ended Sep 30, 2024 · FY2024 Q3
Revenue and cost of revenue both decreased from the previous quarter, resulting in a lower gross profit and gross margin. Compared to the same quarter last year, revenue was lower while gross profit improved, yielding a higher gross margin.
- Gross margin improved compared to the same quarter last year, driven by a proportionally larger decline in cost of revenue relative to revenue. The most observable driver is the relative movement between revenue and cost of revenue.
- Compared to the prior quarter, both revenue and gross profit were lower, and gross margin weakened. Compared to the same quarter one year earlier, revenue was lower but gross profit was higher, leading to an improved gross margin.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
18.6%
Gross profit
$903.0M
Revenue
$4.9B
Cost of revenue
$4.0B
Quarter-over-quarter change
-0.6 pts
Year-over-year change
+1.1 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 |
|---|---|---|---|---|
| Sep 30, 2023 | $5.1B | $893.0M | $4.2B | 17.5% |
| Mar 31, 2024 | $4.9B | $878.0M | $4.0B | 17.9% |
| Jun 30, 2024 | $5.1B | $968.0M | $4.1B | 19.2% |
| Sep 30, 2024 | $4.9B | $903.0M | $4.0B | 18.6% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2024
-0.6 pts
Year-over-year change
Sep 30, 2023
+1.1 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
Gross margin improved compared to the same quarter last year, driven by a proportionally larger decline in cost of revenue relative to revenue. The most observable driver is the relative movement between revenue and cost of revenue.
Compared to the prior quarter, both revenue and gross profit were lower, and gross margin weakened. Compared to the same quarter one year earlier, revenue was lower but gross profit was higher, leading to an improved gross margin.
Monitor the relationship between revenue and cost of revenue in upcoming quarters to assess whether the margin improvement relative to last year can be sustained.