STOCKHOLM – Autoliv Inc. (NYSE:) reported third-quarter revenue that exceeded analyst expectations, despite earnings falling short of estimates. The automotive safety systems supplier’s shares jumped 9% following the announcement.
The Swedish company posted revenue of $2.55 billion for the quarter, surpassing the consensus estimate of $2.53 billion. However, adjusted earnings per share came in at $1.84, missing analyst projections of $1.97.
Autoliv’s sales decreased organically by 0.8% YoY, outperforming the global light vehicle production decline of 4.8%. The company cited strong performance in Europe and Asia excluding China as key drivers, attributing the growth to new product launches and positive pricing.
“In this tough environment, Autoliv managed to outgrow LVP by 4pp, enabling almost unchanged sales and operating income,” said Mikael Bratt, President & CEO of Autoliv.
The company maintained its full-year 2024 guidance for adjusted operating margin at 9.5-10.0%, though it now expects to be at the lower end of this range. Autoliv revised its organic growth forecast for 2024 down to 1% from the previously expected 2%, citing unfavorable market mix developments.
Autoliv’s operating cash flow remains on track to meet the full-year guidance of $1.1 billion. The company’s balance sheet remains strong with a debt leverage of 1.4x, supporting its commitment to shareholder returns.
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