Automotive technology supplier Aptiv on Thursday said net income doubled and revenues grew 15 percent in the first quarter as the company benefited from price hikes that offset ongoing supply and production constraints.
The company said first-quarter net income doubled to $146 million while revenue grew to $4.8 billion.
Suppliers across the board, hobbled by fears of a looming recession, have been passing on rising costs for labor, freight and raw materials to their customers.
Aptiv CEO Kevin Clark told analysts in February that the company has been negotiating price increases with its clients through 2022 and intends to continue the conversations in 2023.