The company also authorized a new USD 5 billion share repurchase program and said it would proceed with an immediate USD 3 billion buyback, and fund that with cash on hand and debt.
Aptiv, which counts Toyota, BMW and the Detroit Three automakers as customers, has benefited from manufacturers building more crossovers and trucks to capitalize on demand.
Automakers including more automated driving aids such as lane keep assist and automatic braking systems have also benefited companies like Aptiv.
CFRA analyst Garrett Nelson called Aptiv's earnings "the most positive release" seen from any auto supplier so far.
"The stock has been a massive underperformer since the start of 2023 and we think this could be the boost the story needed," Nelson added.
On an adjusted basis, the company earned USD 1.58 per share for the quarter ended June 30, compared with analysts' estimates of USD 1.42 per, according to LSEG data.
Its overall revenue, however, fell nearly 3% to USD 5.05 billion, compared with LSEG estimates of USD 5.31 billion.
Automakers inching away from their EV ambitions has impacted demand for electrified parts.
Aptiv's quarterly revenues in the segment which makes electrical components declined 3%, after taking a hit from a reduction in production by some customers.
"While the pace of EV adoption maybe slower than recently anticipated, demand for electrified vehicles that generate lower CO2 emissions continues to grow," Aptiv CEO Kevin Clark said on a post earnings conference call.
In May, Aptiv said it would reduce its equity interest in its self-driving joint venture, Motional, with Hyundai Motor .
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