Company: APTV
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001521332-25-000027
Chunk: 223

Company: Aptiv PLC
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 8
Chunk 223
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369 (14)Income tax expense(356)(76)(280)(Loss) income before equity loss(1)293 (294)Equity loss, net of tax(10)(69)59 Net (loss) income(11)224 (235)Net income attributable to noncontrolling interest1 6 (5)Net loss attributable to redeemable noncontrolling interest(1)— (1)Net (loss) income attributable to Aptiv$(11)$218 $(229)

Total Net Sales

Below is a summary of our total net sales for the three months ended March 31, 2025 versus March 31, 2024. Three Months Ended March 31,Variance Due To: 20252024Favorable/(unfavorable)Volume, net of contractual price reductionsFXCommodity pass-throughOtherTotal (in millions)(in millions)Total net sales$4,825 $4,901 $(76)$(42)$(64)$30 $— $(76)

Total net sales for the three months ended March 31, 2025 decreased 2% compared to the three months ended March 31, 2024. Our volumes decreased 1% for the period, which primarily reflects volume declines in Europe and North America, compared to increased global automotive production of 1% (down 2% on an AWM basis). The declines in volumes reflect contractual price reductions, net of price recoveries, of $13 million. In addition, our net sales reflect unfavorable foreign currency impacts, primarily related to the Euro, South Korean Won and Chinese Yuan Renminbi .

Cost of Sales

Cost of sales is primarily comprised of material, labor, manufacturing overhead, freight, fluctuations in foreign currency exchange rates, product engineering, design and development expenses, depreciation, warranty costs and other operating expenses. Gross margin is revenue less cost of sales and gross margin percentage is gross margin as a percentage of net sales.

Cost of sales decreased $118 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, as summarized below. The Company’s material cost of sales was approximately 50% of net sales for both the three months ended March 31, 2025 and 2024.

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 Three Months Ended March 31,Variance Due To: 20252024Favorable/(unfavorable)Volume (a)FXOperational performanceOtherTotal