Sales up at parts maker Aptiv as auto industry bounces
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.
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.
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.