Sales up at parts maker Aptiv as auto industry bounces

Parts supplier to General Motors and Volkswagen, Aptiv has also said it expects net sales to be between $12.5 billion and $12.7 billion in 2020.
By : Reuters
| Updated on: 29 Oct 2020, 18:49 PM
File photo of car factory used for representational purpose (Bloomberg)
File photo of car factory used for representational purpose (Bloomberg)
File photo of car factory used for representational purpose (Bloomberg)
File photo of car factory used for representational purpose

Auto parts maker Aptiv Plc reported a dip of just 1.5% in third-quarter profit on Thursday, and rising sales, as its key customers ramped up production to deal with a recovery in demand for new cars in Europe, China and the United States.

Aptiv, which counts General Motors Co and Volkswagen AG among its biggest customers, also said it expects net sales to be between $12.5 billion and $12.7 billion in 2020, above analysts estimate of $12.3 billion.

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Sales in the signal and power components unit, which is the company's biggest business, making connectors, wiring assemblies and electrical power and signal distribution systems for cars, rose about 3% to $2.65 billion in the third quarter.

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(Also read | Carmakers seek delays, exemptions to India's planned new rules for parts: Source)

Net sales rose about 3% to $3.7 billion.

Sales growth in Europe, Asia and China was offset by a dip of 3% in North America.

Adjusted net income attributable to Aptiv dipped to $320 million, or $1.13 per share in the quarter ended Sept. 30, from $325 million, or $1.27 per share, a year earlier.

First Published Date: 29 Oct 2020, 18:49 PM IST
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