Autoliv 2Q Sales $2.64B

By Dominic Chopping

STOCKHOLM–Autoliv on Friday backed its full-year guidance after posting a forecast-beating rise in sales and adjusted operating margins for the second quarter.

The Swedish maker of airbags and safety belts said sales rose 27% to $2.64 billion in the period, ahead of the $2.55 billion company-compiled consensus, while the adjusted operating margin rose to 8.0% from 6.0% last year and versus the 7.7% expected.

However, net profit for the period of $53 million missed a FactSet-compiled analysts’ forecast of $122 million.

The company in June confirmed plans to cut up to 8,000 jobs globally as it accelerates global cost reductions and simplifies its logistics and geographic footprint, including the closure of several sites in Europe.

Autoliv said it saw continued improvement in customer call-off volatility in the second quarter, but still higher volatility than prepandemic levels.

“We believe this reflects an improving global supply chain environment for both our customers and suppliers,” the company said.

In the second half, Autoliv expects the adjusted operating margin to be back-end loaded due to normal seasonality between the third and fourth quarters and the expected closing of price negotiations.

The company still sees 2023 organic sales growth of around 15% and an adjusted operating margin of 8.5%-9.0%.

Write to Dominic Chopping at [email protected]

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