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APTV PR A - Aptiv News Story

$172.77 2.0  1.2%

Consumer Cyclicals
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
    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
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