This post was originally published on this site
https://i-invdn-com.akamaized.net/news/LYNXNPEB7Q0U9_M.jpg
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 (OTC:VWAGY) and Ford Motor (NYSE:F) Co among its top customers, reaffirmed its full-year financial outlook.
Other auto parts makers such as BorgWarner (NYSE:BWA) and Magna International (NYSE:MGA) Inc, which also cater to Volkswagen (DE:VOWG_p) and Ford, have raised their full-year forecasts, after reporting strong results, even as the automakers shut factories due to the chip shortage.
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.
