Aptiv PLC, a global automotive technology supplier, reported its sales grew 11 percent to $3.5 billion in the third quarter, despite lower production volumes in some of its biggest markets, especially China and Europe.
“Strong launch volume … helped offset weakness in vehicle production,” said Aptiv CFO Joe Massaro, in a conference call on Wednesday.
However, net income was down 44 percent from a year ago, to $222 million. Foreign exchange rates and higher commodities prices reduced margins, the company said.
Aptiv said sales in its Advanced Safety and User Experience segment grew 13 percent to $956 million. Sales in its Signal and Power Solutions segment grew 9 percent to $2.5 billion.
Advanced Safety and User Experience encompasses infotainment and connectivity, body controls and security systems, displays, active and passive safety electronics, autonomous driving software and technologies, as well as software development. Signal and Power Solutions includes electrical architecture and components.
Aptiv said its sales grew 2 percent in China even though production dropped 5 percent in the quarter, including both passenger and commercial vehicles. In Europe, Aptiv sales grew 4 percent even though the market’s production was also down 5 percent. In North America, Aptiv sales grew 20 percent, vs. a 2 percent gain for the market overall. Those numbers exclude the impacts of foreign exchange, commodities, acquisitions and divestitures, the company said.