The year-end earnings reports filed by major parts suppliers over the past several weeks show that for many companies, revenue has returned to — and in some cases even surpassed — levels seen in 2019, before the COVID-19 pandemic threw the global supply chain into a tailspin.
That's good news for a supply sector that has been ravaged by production shutdowns, high materials costs, a tight labor market, geopolitical uncertainty and other problems for more than three years.
But it doesn't tell the whole story.