Aptiv logo

APTV PR A - Aptiv News Story

$172.77 2.0  1.2%

Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £29.21bn
Enterprise Value £30.21bn
Revenue £9.95bn
Position in Universe th / 6938

UPDATE 1-Aptiv beats profit estimates on higher demand for automobiles

Thu 6th May, 2021 12:22pm
(Adds details on the quarter, outlook)
    May 6 (Reuters) - Auto parts maker Aptiv Plc  APTV.N  on
Thursday reported better-than-expected quarterly profit, helped
by higher demand for vehicles as more people prefer using
personal transport for safety reasons during the COVID-19
pandemic.
    A recent global shortage of semiconductor chips, used in
cars for everything from power steering and brake sensors to
entertainment systems, has led to a curtailment of production at
car companies, which is denting sales growth at auto parts
makers including Aptiv.
    Aptiv, which counts Volkswagen AG  VOWG_p.DE  and Ford Motor
Co  F.N  among its top customers, reaffirmed its full-year
financial outlook.
    Other auto parts makers such as BorgWarner  BWA.N  and Magna
International Inc  MG.TO , which also cater to Volkswagen and
Ford, have raised their full-year forecasts, after reporting
strong results, even as the automakers shut factories due to the
chip shortage.  urn:newsml:reuters.com:*:nL4N2MS22Y  urn:newsml:reuters.com:*:nL4N2MT2NN
    Aptiv makes products including keyless entry systems,
vehicle diagnostics computers and high-voltage cabling. 
    Excluding items, Aptiv earned $1.06 per share in the first
quarter, beating analysts' average estimate of 78 cents per
share, according to IBES data from Refinitiv.
    Net sales rose 25% to $4.02 billion, topping  the Wall
Street's estimate of $3.62 billion.  urn:newsml:reuters.com:*:nPn4mpmNZa

 (Reporting by Ankit Ajmera in Bengaluru; Editing by Shinjini
Ganguli)
 ((Ankit.Ajmera@thomsonreuters.com;))
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.