Automotive expertise provider Aptiv on Thursday mentioned web earnings doubled and revenues grew 15 p.c within the first quarter as the corporate benefited from worth hikes that offset ongoing provide and manufacturing constraints.

The corporate mentioned first-quarter web earnings doubled to $146 million whereas income grew to $4.8 billion.

Suppliers throughout the board, hobbled by fears of a looming recession, have been passing on rising prices for labor, freight and uncooked supplies to their clients.

Aptiv CEO  Kevin Clark informed analysts in February that the corporate has been negotiating worth will increase with its shoppers by means of 2022 and intends to proceed the conversations in 2023.

“We had a robust begin to the 12 months with file income and near-record bookings within the first quarter, underscoring Aptiv’s growing aggressive differentiation and strategic worth to our clients because the business transitions additional in direction of the fully-electrified, software-defined automobile,” Clark mentioned in an announcement.

“Bolstered by our latest acquisitions of Wind River and Intercable Automotive, we proceed to realize business traction throughout our portfolio, notably in our sensible automobile structure and excessive voltage platforms. Mixed with our relentless concentrate on execution and operational excellence, we stay assured in our capability to ship on our outlook for 2023.”

Aptiv, which is domiciled in Dublin with its operational headquarters in Troy, Mich., beat analysts estimates for income and earnings per share.

Shares in Aptiv fell 8 p.c to $91.82 in Thursday morning buying and selling in New York.

Reuters contributed to this report.