LONDON (Reuters) -- UK supplier GKN reassured that it was on track for growth in 2014, posting third-quarter profit ahead of expectations, helped by a strong performance in its automotive unit.
GKN reported trading profit for the three months ended Sept. 30 of 160 million pounds ($258.62 million), above a company-supplied consensus of 156 million pounds.
The company said that 2014 would be "another year of progress," repeating guidance given earlier in the year that currency headwinds would adversely affect its reported results.
"A good update and better than the bears would have been expecting in recent weeks," Investec analysts said in a note
Analysts at Societe Generale said GKN's execution "remains impeccable."
Analysts expect GKN to post annual pre-tax profit of 603 million pounds for this year according to Thomson Reuters data, compared to the 578 million pounds it made in 2013.