Report
Press release
(Stockholm, July 21, 2011) - - - For the three-month period ended June 30, 2011, Autoliv, Inc. (NYSE: ALV and SSE: ALIV) - the worldwide leader in automotive safety systems - reported better than expected sales and margins.
Consolidated net sales increased by 14% to $2,061 million compared to the same quarter 2010. Organic sales grew at a rate of 5% compared to the flat expectation forecast in April. Global light vehicle production (LVP) is estimated by IHS to have declined by 1%.
Mainly due to the effects of the earthquake in Japan on global LVP, operating income and income before taxes declined by 10% to $205 million and $185 million, respectively. Net income was virtually unchanged at $146 million, while earnings per share assuming dilution declined by 4% to $1.54 principally due to more shares outstanding.
Operating margin declined to 10.0% from an exceptionally high level of 12.7% in the same quarter 2010, but exceeded our 9% forecast.
Cash flow from operations amounted to $132 million and to $40 million before financing.
For the third quarter of 2011, the Company expects organic sales to grow by about 9% and consolidated net sales to rise by approxi-mately 16%. An operating margin of approximately 10% is expected for the quarter. For the full year, the current indications are a sales increase of approximately 16% with organic sales growing by more than 9% and an operating margin of more than 11%. The margin estimates for the remainder of the year do not include any impact from the ongoing antitrust investigations.
An earnings conference call will be held at 3:00 p.m. (CET) today July 21. To follow the webcast or to obtain phone numbers, please access www.autoliv.com.