Autoliv Swings To 1Q Net Loss, Sees Further Dip In 2Q Demand
Autoliv Inc. (ALV), the world's largest maker of seat belts and
airbags, Tuesday reported a second consecutive quarterly net loss
as automakers slashed production, and said second-quarter demand is
expected to decline still further.
"Current assumptions indicate a consolidated sales decline in
the range of 40% to 45% for the second quarter," Autoliv said.
Net loss in the three-month period ended March 31 was $63.4
million, compare to a net profit of $81.5 million a year earlier.
Twelve analysts polled by Dow Jones and FactSet on average had
forecast a net loss of $93 million.
Sales fell by nearly half to $926.7 million from $1.83 billion a
year ago, missing analysts' forecasts of $944 million.
The company also reported an operating loss of $88.7 million
compared to an operating profit of $127.3 million a year ago.
Analysts had forecast an operating loss of $92 million.
At 1009 GMT, Autoliv's shares traded down SEK2.50, or 1.3%, at
SEK196, underperforming the broader Stockholm market, which traded
Company Web site: www.autoliv.com
-By Ola Kinnander, Dow Jones Newswires; +46-8-5451-3097; firstname.lastname@example.org