Kevin Clark
President and CEO at Aptiv
Sure. Thank you, Vicky, and thanks to everyone for joining us this morning. Beginning on Slide three. We experienced continued strong demand across the portfolio in the third quarter, despite continued supply chain constraints negatively impacting vehicle production. Revenues of $3.7 billion declined 5% versus the prior year with a record 18 point of growth over market, new business awards of $5.8 billion, bringing the year-to-date total to a record $17 billion, reflecting the relevance of our product portfolio, as well as the trust our customers have in Aptiv, given our success executing for them in this challenging environment. Operating income and earnings per share totaled $219 million and $0.03 respectively, negatively impacted by the significant headwinds from the ongoing supply chain tightness, and the downstream impacts that Joe will cover in greater detail shortly. While we expect vehicle production to improve on a sequential basis in the fourth quarter, we anticipate the headwinds related to supply chain constraints to versus well into 2022.
Setting the near-term challenges aside, the team is executing well and continues to proactively position Aptiv for the future. Optimizing our cost structure, while investing in high-growth, high-margin technologies that further enhance the resiliency of our business model, translating into greater value for both our customers, and our shareholders.
Moving to Slide 4, through relentless execution of our strategy over the past decade has positioned Aptiv as a more sustainable business, creating over $40 billion of value since our IPO in 2011. This represents an average annual return to shareholders of over 25% and a total return of more than 950% today. As we transformed Aptiv, we've built an industry-leading portfolio of advanced solutions that make vehicles safe, green, and more connected. To drive this transformation, we took several actions, including making smart portfolio moves to put further operating leverage in our business model.
We exited low growth, low-margin product lines, and spun off our powertrain segment, positioning Aptiv to focus on our unique capabilities around the brain, and nervous system of the vehicle. At the same time, we completed a number of acquisitions, which enabled our software and data management capabilities, increased our scale and leverage in Engineered Components, and expanded our presence in adjacent markets. Last year we established "Motional," our autonomous driving joint venture with Hyundai, which will be operating fully driverless vehicles on the Lyft ridesharing network in 2023. These proactive actions, perfectly position Aptiv to benefit from the transition to the software-defined vehicle, while further increasing the robustness of our business model. All, which translates into continued outperformance, and long-term value creation.
Turning to slide five. We continue to successfully navigate the current challenging environment, while proactively enhancing the strength of our competitive position. Our supply chain resiliency team is leveraging technology, data, and analytics, to stress test our integrated supply chain network under multiple scenarios, helping us to proactively identify and address potential bottlenecks. At the same time, we're working through daily constraints by leveraging our proven cross-functional crisis management process. Our planning process and manufacturing, have enabled us to support a record number of customer program launches. And we continue the intelligent automation of our manufacturing facilities to lower operating costs and increased product quality, all of which improve customer service levels. Our engineering teams are proactively redesigning products to mitigate semiconductors Papyrus [Phonetic], reduce material costs, and increase functionality for our customers.
And lastly, our culture of continuous improvement translates into the constant pursuit of opportunities to reduce costs and improve quality. Enabling us to continue to strengthen our operating foundation, and transform our business model, despite the dynamic environment. As shown on Slide 6, third-quarter new business bookings reached $5.8 billion, bringing the year-to-date total to $17 billion. As I already mentioned, it was a record. Our unique portfolio of safe, green, and connected technologies, combined with our flawless operating execution, continues to position Aptiv as a partner of choice for our customers. Our capabilities around the vehicle brain and nervous system, and collaborative approach to platform solutions, sets us apart in the industry. Enabling us to conceive specify and deliver advanced architecture and software solutions, that enhance systems performance, while lowering the vehicle's total cost. Positioning us to increase our share of wallet with both traditional and emerging OEM customers, and at the same time, strengthen our overall competitive position.
Turning to highlights from our Advanced Safety and User Experience segment on Slide 7. Third-quarter revenues declined 7%, which was 16 points better than the reduction in global vehicle production. New program launches content increases in market share gains, translated into continued market outgrowth despite the significant supply chain disruptions impacting segment. Consumers continue to demand more active safety and connectivity features in their vehicles, which are delivered through more advanced software features leveraging the latest sensing and compete solutions. This trend and strong consumer demand, and our industry-leading capabilities present us with additional market share opportunities, and the ability to increase our customer share of wallet. And as evidenced by our third-quarter conquest business award with Mercedes-Benz, to provide our multi-purpose sensing solutions on their NextGen electric vehicle platform.
This business award builds on our recent in-cabin monitoring successes and advances our customers' roadmap of interior sensing features, by further enhancing driver safety, and improving the in-cabin user experience. The evolution of in-cabin sensing is playing out as expected in our leadership position, makes Aptiv a strong collaboration partner for our customers.
Turning to Slide 8. Revenues in our Signal and Power Solutions segment, declined 4% during the quarter, 19 points better than the reduction in global vehicle production, reflecting the continued benefit from the acceleration in the production of electrified vehicles, resulting in greater demand for our high voltage solutions, and the continued strong demand for connector and cable management products for both automotive and non-automotive market applications. We are the industry leader in electrical distribution systems, with the engineering capabilities in global manufacturing scale necessary to rapidly bring customers to market as they quickly adapt to the accelerating macro trend.
A great example is our recent Business Award for Stellantis, an extension to our existing business, to support design changes and content increases on the Ram truck. It was another strong quarter for our Signal and Power Solutions segments in a very challenging environment. Slide nine provides an overview of some of the specific areas where we're focusing our software development capabilities. As we've mentioned previously, our OEM customers are beginning to decouple the software from the underlying hardware both tactically, as they implement smart vehicle architecture, and then how they source new programs. Our leading position in the design and development of high-performance, cost optimize automotive-grade hardware, as well as deep software development capabilities, allows us to provide industry-leading interior and exterior perception solutions, modular software and features that lower system costs and accelerate speed to market through higher reuse. Middleware solution which supports up-integration in the serverization of compute, vehicle lifecycle management through data collection, and data analytics, and full vehicle level integration, testing, and validation services. These capabilities, along with extensive collaboration with our customers, and their supplier partners, allow us to continue to be a partner of choice for our customers across literally all vehicle domains. Enables our customers to offer greater flexibility for end-user differentiation and personalization. And further strengthened our competitive position as a leading provider of smart vehicle architecture, that accelerates the transition to the fully electrified software-defined vehicle. With that, I'll hand the call over to Joe, to take us through the financials in more detail.