STOCKHOLM, April 28, 2017 /PRNewswire/ --
Record sales, exceeding margin and growth guidance,
(Stockholm, Sweden, April 28, 2017) – For the three-month period
ended March 31, 2017, Autoliv, Inc.
(NYSE: ALV and SSE: ALIV.Sdb), the worldwide leader in automotive
safety systems, reported record consolidated sales of $2,608 million. Quarterly organic sales* grew by
4.4%. The reported operating margin was 8.3% while the adjusted
operating margin* was 8.4% (for non-U.S. GAAP measures see enclosed
reconciliation tables).
The expectation at the beginning of the quarter was for
quarterly organic sales to increase by "more than 3%" and an
adjusted operating margin of "around 8%".
For the second quarter of 2017, the Company expects organic
sales to increase by around 2% and an adjusted operating margin of
around 8.5%. The expectation for the full year remains unchanged
with an organic sales growth of around 4% and an adjusted operating
margin of around 8.5%. (See the "Outlook" section on the next page
for further discussion of organic sales and adjusted operating
margin, which are forward-looking non-U.S. GAAP measures).
Key Figures
For Key Figures summary table, please refer to attached file
below.
Comments from Jan Carlson,
Chairman, President & CEO
"The first quarter developed slightly better than expected, with
organic sales growth* and adjusted operating margin* both exceeding
our expectations from the beginning of the quarter.
In Passive Safety, I am pleased that our share of order intake
continued at a high level, further strengthening our future market
share and growth expectations. The passive safety industry
situation is unchanged from last year and we continue to focus on
flawless execution on our high order intake. We continue our
engineering efforts but are gradually shifting to a production
focus as we prepare to execute on the historically high order
intake. Despite the short term strain on the organization in
preparing for these deliveries, Passive Safety reached double digit
operating margin in the quarter.
In Electronics, we won active safety orders with three OEMs in
the quarter, taking the order total for the past twelve months to
eight orders with five different OEMs. I am also pleased to say
that Autoliv is the main supplier of active safety products to the
new Mercedes S-class and that the European premium OEM order win we
announced in February is with Volvo Cars. This order means that
Autoliv will supply active safety products, including radar and
vision algorithms.
We continue to invest in competence and capacity for the future.
We have now recruited 982 of the 1,000 engineers we said we
intended to recruit between July 2016
and June 2017. About half are in
Passive Safety and half in Electronics.
In April, we announced the start of operations for Zenuity, our
joint venture with Volvo Cars and platform for developing software
for autonomous driving and driver assistance. We already see
considerable interest from several OEMs. The Zenuity initiative is
part of the journey towards autonomous driving, which requires the
fusion of a multitude of technologies and competences, which in
turn requires a multitude of co-operations, alliances and other
partnerships.
Light vehicle production grew by almost 6% in the quarter, with
growth in all regions. However, we currently see some uncertainties
relating to light vehicle production growth, including high
inventory levels and slower sales momentum, especially in
North America and China. We continue to monitor the situation
closely and are prepared to take necessary actions.
With quality as our first priority, we continue to execute on
our growth and margin opportunities while staying focused on saving
more lives and creating value for our stakeholders."
An earnings conference call will be held at 2:00 p.m. (CET) today, April 28. 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.
Contact:
Thomas Jönsson
Vice President Corporate Communications
Tel +46-(0)-8-58-72-06-27
This information was brought to you by Cision
http://news.cision.com
http://news.cision.com/autoliv/r/financial-report-january---march-2017,c2253348
The following files are available for download:
http://mb.cision.com/Main/751/2253348/666534.pdf
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SOURCE Autoliv