Autoliv: Financial Report April - June 2015
July 17 2015 - 6:16AM
Business Wire
6% organic sales growth and 9.5% adjusted operating margin
For the three-month period ended June 30, 2015, Autoliv, Inc.
(STO:ALIVSDB)(NYSE:ALV) – the worldwide leader in automotive safety
systems – reported consolidated sales of $2,292 million. Quarterly
organic sales* grew by 6.1%. The adjusted operating margin* was
9.5% (for non-U.S. GAAP measures see enclosed reconciliation
tables). The expectation at the beginning of the quarter was for
organic sales growth of “around 6%” and an adjusted operating
margin of “around 9%”.
For the third quarter of 2015, the Company expects organic sales
to increase by more than 7% and an adjusted operating margin of
around 9%. The expectation for the full year remains for organic
sales growth of more than 6% and an adjusted operating margin of
around 9.5%.
Key Figures
For Key Figures summary table, please visit: http://mb.cision.com/Main/751/9806011/402311.pdf
Comments from Jan Carlson, Chairman, President & CEO
“Autoliv’s strong organic sales growth* continued in the second
quarter. Our ability to continue to grow even when a growth market
such as China slows down, demonstrates our global strength. Europe
and North America were the drivers, showing solid, balanced
increases for both passive and active safety products. I am pleased
that, through solid execution, we managed to exceed our operating
margin expectation from the beginning of the quarter.
I am particularly pleased that we entered into two important
agreements. One is a license agreement with Volvo Car Corporation
which will enable us to broaden our active safety offering and
improve our time to market for several important features for
active safety and automation. The second one is the definitive
agreement to acquire the automotive business of MACOM which will
expand our capabilities in active safety through the addition of
GPS module related products. Together these two initiatives brings
further important building blocks for preventive safety and the
automated driving system of the future car.
We continue to see positive signs in Western Europe, but we are
still a long way from the all-time high. We are executing on our
capacity alignment program and are increasing our efforts further
in order to create an effective future European footprint. In North
America, the total light vehicle production shows only modest
growth, however the market seems stable with monthly annualized
sales volumes of around 17 million vehicles. This situation is
beneficial for us as we can optimize production for high capacity
utilization.
High interest in active safety products in both Europe and North
America led to strong organic growth* of 28% year to date. To a
large extent this was driven by more attractive offerings from car
manufacturers and more consumers selecting various active safety
packages when buying new vehicles which drives growth.
There is uncertainty regarding the market development in China
and we are taking action to address the situation. We are
implementing tight cost controls and at the same time we are
continuing our investment and engineering efforts in China. These
measures will enable us to fully capitalize on the long term growth
which we believe the Chinese light vehicle market will enjoy. In
the short term we are negatively affected by the slowdown in
vehicle production, lower delivery volumes from launches and
negative vehicle mix including model transitions.
The recall of defective inflators produced by another supplier
continues and we focus on supporting our customers as needed.
Currently, we estimate that we will deliver up to 20 million
inflators mainly in 2015 and 2016, but it is very difficult to
determine the final delivery volumes.
We continue 2015 with a clear first priority – a relentless
focus on quality”.
An earnings conference call will be held at 2:00 p.m. (CET)
today, July 17. To follow the webcast or to obtain the pin code and
phone number, please access www.autoliv.com. The conference slides
will be available on our web site as soon as possible following the
publication of this earnings report.
This information was brought to you by Cision
http://news.cision.com
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AutolivThomas J�nssonVP Corporate Communications+46 (8) 587 20
627+46 (0) 709 578 127thomas.jonsson@autoliv.com
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