Report
Press release
Sales: $1,721 million
Operating margin: 11.4%
EPS: $1.39
Large Market Share Gains
(Stockholm, April 27, 2010) - - - For the three-month period ended March 31, 2010, Autoliv Inc. (NYSE: ALV and SSE: ALIV) - the worldwide leader in automotive safety systems - met its guidance and reported its highest quarterly operating income and operating margin ever of $195 million and 11.4%, respectively, on the back of a consolidated sales recovery of 86% to $1,721 million.
Other operating expense net, mainly restructuring costs, of $11 million had a 0.6 percentage point negative margin impact.
Excluding currency effects, acquisitions and more production days, sales grew organically by 64% (non-U.S. GAAP measures, see enclosed table) compared to the increase in global light vehicle production which was 47%.
Income before taxes improved to $179 million, net income attributable to controlling interest to $127 million and earnings per share assuming dilution improved to $1.39.
Operations generated a positive cash flow of $149 million compared to a negative cash flow of $9 million in the first quarter 2009.
For the second quarter of 2010, the Company expects consolidated net sales to rise by more than 40% compared to the same quarter 2009 with organic sales growing by at least 30% and anticipates an operating margin of at least 11%. For the full year, sales are expected to improve by close to 30% with organic sales growing by approximately 20%. The indicative operating margin for the full year is at least 10%.
An earnings conference call will be held at 3:00 p.m. (CET) today April 27. To follow the webcast or to obtain your personal pin code and phone number, please access www.autoliv.com.