Automotive know-how provider Aptiv Plc on Thursday mentioned its internet revenue greater than tripled in the course of the third quarter, aided by increased automobile manufacturing as automakers rushed to fulfill sturdy demand.

Web revenue rose to $286 million within the quarter by September from $86 million a yr earlier. Income improved 26 % to $4.6 billion.

Shares in Aptiv rose 4.5 % to $92.00 in premarket buying and selling.

Auto  suppliers have been elevating costs throughout the board to shift the burden of spiking power and enter prices, and Aptiv CEO Kevin Clark had mentioned within the June quarter that the corporate was taking a number of steps to assist shield its margin amid worsening financial situations in Europe.

Whereas there have been some worries a couple of hit to automobile demand from a darkening financial outlook, Basic Motors, an Aptiv buyer, mentioned final month demand remained sturdy.

“We proceed to give attention to strengthening our enterprise basis, which we consider will additional enhance our efficiency in 2023,” Clark mentioned on Thursday.

Aptiv’s efficiency was additionally helped by increased gross sales in China by clients reminiscent of Tesla, which smashed its month-to-month document in China-made EV deliveries in September.

Excluding objects, Aptiv’s per-share revenue got here in at $1.28, in contrast with Wall Avenue expectations of 99 cents per share. The corporate maintained its full-year gross sales and income steerage.