(Compares with estimates, adds quote, background)
Nov 3 (Reuters) – Auto parts supplier Aptiv Plc beat analysts’ estimates for third-quarter results on Thursday, aided by price hikes and as auto makers ramped up production to meet rising demand for vehicles.
Auto component suppliers have been raising prices across the board to shift the burden of spiking energy and input costs, and Aptiv Chief Executive Kevin Clark had said in the June quarter that the company was taking several steps to help protect its margin amid worsening economic conditions in Europe.
While there were some worries about a hit to vehicle demand from a darkening economic outlook, General Motors Co, an Aptiv customer, said last month demand remained strong.
“We continue to focus on strengthening our business foundation, which we believe will further improve our performance in 2023,” Clark said on Thursday.
Aptiv’s performance was also helped by higher sales in China by customers such as Tesla, which smashed its monthly record in China-made electric vehicle deliveries in September.
Aptiv reported net sales of $4.6 billion for the third quarter, better than average analysts’ expectation of $4.3 billion, according to Refinitiv data.
Excluding items, profit came in at $1.28 per share, compared with expectations of 99 cents per share. The company maintained its full-year sales and revenue guidance. (Reporting by Raechel Thankam Job; Editing by Subhranshu Sahu)