Sales up at parts maker Aptiv as auto industry bounces

(Reuters) - Auto parts maker Aptiv Plc APTV.N reported a dip of just 1.5% in third-quarter profit on Thursday, and rising sales, as its key customers ramped up production to deal with a recovery in demand for new cars in Europe, China and the United States.

Aptiv, which counts General Motors Co GM.N and Volkswagen AG VOWG_p.DE among its biggest customers, also said it expects net sales to be between $12.5 billion and $12.7 billion in 2020, above analysts estimate of $12.3 billion.

Sales in the signal and power components unit, which is the company’s biggest business, making connectors, wiring assemblies and electrical power and signal distribution systems for cars, rose about 3% to $2.65 billion in the third quarter.

Net sales rose about 3% to $3.7 billion.

Sales growth in Europe, Asia and China was offset by a dip of 3% in North America.

Adjusted net income attributable to Aptiv dipped to $320 million, or $1.13 per share in the quarter ended Sept. 30, from $325 million, or $1.27 per share, a year earlier.

Reporting by Rachit Vats in Bengaluru; Editing by Saumyadeb Chakrabarty and Patrick Graham