Automotive technology supplier Aptiv Plc on Thursday said its net income more than tripled during the third quarter, aided by higher vehicle production as automakers rushed to meet strong demand.
Net income rose to $286 million in the quarter through September from $86 million a year earlier. Revenue improved 26 percent to $4.6 billion.
Shares in Aptiv rose 4.5 percent to $92.00 in premarket trading.
Auto suppliers have been raising prices across the board to shift the burden of spiking energy and input costs, and Aptiv CEO 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, 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 EV deliveries in September.
Excluding items, Aptiv’s per-share profit came in at $1.28, compared with Wall Street expectations of 99 cents per share. The company maintained its full-year sales and revenue guidance.