(Reuters) -Auto parts supplier Aptiv Plc forecast a lower-than-expected 2023 profit on Thursday, as inflating costs for labor and energy, along with volatile production schedules project a dim outlook for the auto industry.
Despite a weakening dollar and improving raw material costs, inflation has struck labour and other energy charges for auto suppliers globally, who were already struggling to recover from production hits in China and and a dismal macro environment.
Macroeconomic uncertainty, supply disruptions and inflationary cost impacts are likely to persist in 2023, Aptiv Chief Executive Officer Kevin Clark said.
Aptiv said it expects full-year adjusted profit per share between $4.00 and $4.50, compared with analysts’ expectation of $4.73 per share, as per Refinitiv data.
(Reporting by Raechel Thankam Job; Editing by Rashmi Aich)
