DETROIT — Aptiv said Tuesday that the crisis brought on by the COVID-19 pandemic hit its first-quarter revenue and operating income.
Revenue for the quarter fell 10 percent to $3.2 billion, largely resulting from volume declines associated with impacts of the virus, the electronics supplier said in a statement.
Aptiv joins several other major suppliers reporting their first-quarter earnings this week during the crisis.
Aptiv previously forecast first-quarter sales of $3.47 billion to $3.57 billion and full-year sales of $14.5 billion to $14.9 billion.
Revenue declined 12 percent to $902 million in Aptiv's advanced safety and user-experience segment and 9 percent to $2.3 billion in its signal and power solutions segment in the first quarter.
Aptiv reported net income of $1.57 billion, compared with $240 million in the same period last year, resulting from the company's completion in the quarter of the formation of its joint venture with Hyundai Motor Group centered on autonomous vehicle development.
The company said its first-quarter adjusted operating income margin fell to 7.2 percent from 9.7 percent, primarily as a result of "declines in global vehicle production and consumer demand, work stoppages, disruptions to our supply chain and other adverse global economic impacts, particularly those resulting from governmental 'lockdown' orders."
Adjusted operating income dropped 33 percent to $231 million from last year's period.