Aptiv raises full-year sales forecast after swinging to $229M net profit in Q2

Automotive technology supplier Aptiv PLC on Thursday raised its full-year net sales forecast as the auto parts supplier gains from price hikes and strong demand.

The company said second-quarter net income surged to $229 million from a $61 million net loss a year ago. Revenue improved 28 percent to $5.2 billion.

Aptiv said it benefited from automakers increasingly trying to incorporate more advanced driver assistance aids in their cars in their effort to make autonomous vehicles.

However, a tight labor market has been an ongoing issue for automotive companies that are looking to increase production and meet customer demand.

Aptiv, which counts General Motors, Ford Motor Co. and Tesla Inc. among its customers, said it expects net sales at the end of the year to rise between $19.95 billion and $20.25 billion from its prior range of $18.7 billion to $19.3 billion.

Shares in Aptiv rose 6.1 percent to $112.76 in premarketing trading.

Aptiv ranks No. 13 on the Automotive News list of the top 100 global suppliers with worldwide sales to automakers of $17.5 billion in 2022.

Reuters and Philip Nussel of Automotive News contributed to this report.