Report
Press release
Sales:Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â $1,802 million
Operating margin:Â Â Â Â Â Â Â 12.7%
Operating cash flow:Â Â Â $251 millionÂ
EPS:Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â $1.60Â
(Stockholm, July 23, 2010) - - - For the three-month period ended June 30, 2010, Autoliv Inc. (NYSE: ALV and SSE: ALIV) - the worldwide leader in automotive safety systems - reported a record quarterly operating income and margin of $229 million and 12.7%, respectively. Net sales increased by 51% to $1,802 million compared to the same quarter in 2009.
Excluding currency effects and acquisitions, sales grew organically by 40% compared to the increase in global light vehicle production of 29%. Â
Income before taxes improved to $206 million, net income to $146 million and earnings per share assuming dilution to $1.60. The pre-tax income has been negatively affected by approximately $12 million for extinguishment of debt.
Operations generated a positive cash flow of $251 million, and $195 million before financing. Net debt fell to $417 million despite acquisitions, restructuring payments and debt extinguishment payments totaling $181 million since the beginning of the year.
For the third quarter of 2010, the Company expects consolidated net sales to rise close to 25% compared to the same quarter in 2009 with organic sales growing by at least 20% and anticipates an operating margin of at least 10%. Based on the current IHS (CSM) light vehicle production forecast, the Company indicates a net sales increase of close to 35% for the full year with organic sales growing by approximately 28% and indicates an operating margin of more than 11%. Â
An earnings conference call will be held at 2:00 p.m. (CET) today July 23. To follow the webcast or to obtain your personal pin code and phone number, please access www.autoliv.com.