Kevin P. Clark
Chairman and Chief Executive Officer at Aptiv
Thank you, Chris, and thanks, everyone, for joining us this morning. Beginning on Slide three. Aptiv had a solid start to the year, showcasing our ability to continue to outperform in a volatile market. Revenues totaled $4.2 billion, up 4% from the prior year, driven by strong demand across our portfolio of safe, green and connected technologies. Operating income and earnings per share totaled $324 million and $0.63, respectively, reflecting continued revenue growth despite a decline in vehicle production in the quarter, more than offset by material inflation and increased operating costs associated with the ongoing supply chain disruptions.
Highlights for the quarter include 11 points of growth over underlying vehicle production, with all regions reporting strong growth over market, driven by continued growth in our key product line, which I'll touch on in more detail on the next slide. New business bookings reached $6.1 billion, the result of growing demand for our portfolio of industry-leading advanced technologies. As the world continues to grapple with the ongoing COVID-19 pandemic and the related supply chain challenges, Aptiv's business has not been immune to the effects of the various disruptions. We continue to monitor the situation in Ukraine and lockdowns in China, which will impact the balance of the year. But at this point in time, we remain confident in our full year outlook. Our team is doing an exceptional job executing in a very fluid environment, working to mitigate the challenges we're facing. And our sustainable double-digit growth over market and pace of new business bookings during the quarter are a testament to our ability to continue to deliver for our customers.
Turning to slide four. Revenue growth across our key product lines continue to outpace the market. In our ASUX segment, Aptiv safety revenue growth remained strong, up 9% during the quarter, driven by the continued penetration of advanced ADAS systems. And user experience revenues increased 10%, the result of the launch of key infotainment programs in Europe and North America. In our Signal and Power Solutions segment, high-voltage revenues increased 10% during the quarter, driven by the accelerated launch of electric vehicle programs, particularly in Asia and Europe. And our nonautomotive revenues, which now represent roughly 15% of Aptiv's sales, increased 5%, the result of strong growth in the general industrial, semiconductor and datacom markets. Our portfolio of advanced technologies aligned to the safe, green and connected megatrends has uniquely positioned Aptiv to solve our customers' biggest challenges, which we've capitalized on to increase our market share with new customers and expand our share of wallet with existing customers. Moving to slide five.
Consumer demand remains very strong, requiring us to proactively manage through the ongoing supply chain disruptions while also offsetting the increased material inflation. As I mentioned already, our team is doing an excellent job confronting these issues head on and have taken several actions to offset the headwinds related to macro factors, including further reducing overhead costs, while selectively investing in initiatives related to high-voltage electrification, smart vehicle architecture and software development. Our recently announced agreement to acquire Wind River, which we expect to close midyear, has translated into several direct OEM engagements, including the commercial agreement with Hyundai that was announced earlier this week.
We're also working closely with our supplier partners and our customers and several product redesign initiatives to both mitigate part shortages and offset material price increases, over 50% of which have and roughly another 50% will be implemented during the balance of the year. And lastly, we're making progress on other cost recovery initiatives, including price reductions from our suppliers and commercial recoveries from our customers, which have a more meaningful impact during the back half of the year. We continue to confront the supply chain and inflation challenges and are focused on strengthening the underlying resiliency of our business model and reaping the full benefits once these headwinds subside.
As shown on slide six, first quarter bookings totaled $6.1 billion, the highest first quarter level over the last several years. Advanced safety and user experience bookings totaled $800 million for the quarter, in line with our expectations, representing the timing of customer program awards during the year. Notable customer awards during the quarter include a central vehicle controller for a European OEM. A funnel for new business bookings for the ASUX segment for the balance of the year remains very strong, with several ADAS user experience and smart vehicle architecture program scheduled to be awarded. And the second quarter is off to a strong start, with over $3 billion of ADAS awards and a central vehicle control award with lifetime revenues totaling $1.5 billion. Bookings for our Signal and Power Solutions segment reached $5.3 billion during the quarter, including $1.2 billion in high-voltage electrification award.
The strength of our competitive position and the size of our funnel for high-voltage electrification programs gives us confidence in reaching over $4 billion of customer awards during 2022. Our strong track record of new business bookings is proof that our portfolio of advanced technologies is perfectly aligned to the areas of significant growth in vehicle content. And our unique position as the only provider of both the brain and nervous system of the vehicle is presenting Aptiv with opportunities to capitalize on the acceleration towards the electrified software-defined vehicle.
Turning to the highlights from our Advanced Safety and User Experience segment on slide seven. Revenues for the first quarter increased 7%, 14 points over underlying vehicle production, driven by strong product line growth in both active safety and user experience. As I referenced on the last slide, during the first quarter, we received a new business award from a leading German OEM for a central vehicle controller on the next wave of its leading EV platform. This award is another strategic win for our portfolio of smart vehicle architecture solution and is a key building block for this OEM's new electric vehicle platform, which is fully aligned with Aptiv's design for smart vehicle architecture.
Moving to slide eight. First quarter revenues in our Signal and Power Solutions segment rose 2%, nine points better than the decline in global vehicle production, reflecting increased demand for high-voltage architecture solutions and continued strong revenue growth in nonautomotive markets. Our industry-leading portfolio of power and data distribution, connectors, electrical centers and cable management solution, combined with our global scale, uniquely positions Aptiv to both design and manufacture optimized vehicle architecture systems for customers located virtually anywhere in the world. And as a proof point, a leading global electric vehicle OEM awarded Aptiv an additional vehicle architecture program to support their further expansion into Europe. In addition, we continue to support the growth of a German OEM's electric vehicle platform. And the award of this charging device underscores our strong market position in electric vehicle charging.
The first quarter's new business bookings validates the value we bring with our system-level approach to optimizing vehicle architecture, which reduces vehicle weight and mass, thereby reducing costs for our OEM customer. We remain confident that our competitive position, combined with the accelerating demand for electrified vehicles, positions Aptiv for profitable growth in the Signal and Power Solutions segment for the next several years. Turning to slide nine. Despite the current challenges, we remain focused on increasing the underlying resiliency of our business model to deliver sustainable value creation.
Although the macro environment remains very challenging and difficult to navigate, we continue to focus on increasing the flexibility of our operating model by leveraging our advanced technologies for both the brain and nervous system of the vehicle, providing more content for the software-defined vehicles of the future, deploying capital to further strengthen our portfolio of safe, green and connected technologies, including expanding our portfolio of software solutions, to meet the increasing needs of our customers and intelligently diversifying our revenue base into less cyclical nonautomotive markets, which will better position Aptiv for value creation from the acceleration of the trend towards the fully electrified software-defined vehicle, increased market share gains, and continued operational efficiency and cost structure optimization. This translates into revenue growth, margin expansion and cash flow generation, which can be reinvested in the business to create an even more resilient business model.
With that, I'll turn the call over to Joe, to go through the financial highlights in more detail.