STOCKHOLM, Oct. 26, 2018 /PRNewswire/ -- For the
three-month period ended September 30,
2018, Autoliv, Inc. (NYSE: ALV and SSE: ALIV.Sdb),
the worldwide leader in automotive safety systems, reported
consolidated sales growth of 4.1% to $2,033
million. Quarterly organic sales* grew by 6.4%, mainly
driven by 22% organic sales growth* in Americas. Airbags sales grew
organically* by 8% and seatbelts sales grew organically* by 3%.
Both the reported and adjusted* operating margin was 9.5%. (For
non-U.S. GAAP measures see enclosed reconciliation tables.)
For the full year 2018, the indication is for organic sales to
increase by around 6% and the adjusted operating margin to be
around 10.5%. (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).
The results herein present the performance of Autoliv giving
effect to the spin-off of Veoneer, Inc. ("Veoneer"), Autoliv's
former Electronics segment, on June 29,
2018. Historical financial results of Veoneer are reflected
as Discontinued Operations, with the exception of cash flows, which
are presented on a consolidated basis of both Continuing and
Discontinued Operations and net income attributable to a
controlling interest (Consolidated Autoliv). The restated
historical financial information reflecting the spin-off are
unaudited, but have been derived from Autoliv's historical audited
annual reports.
Key Figures
(Dollars in
millions, except per share data)
|
Q3 2018
|
Q3
2017
|
Change
|
Net sales Continuing
Operations
|
$2,033.0
|
$1,952.6
|
4.1%
|
Operating income
Continuing Operations
|
$192.5
|
$167.2
|
15.1%
|
Operating margin
Continuing Operations
|
9.5%
|
8.6%
|
0.9pp
|
Adjusted operating
margin Continuing Operations 1)
|
9.5%
|
10.5%
|
(1.0)pp
|
Earnings per share
Continuing Operations, diluted 2, 3)
|
$1.34
|
$1.21
|
10.7%
|
Adjusted earnings per
share Continuing Operations, diluted 1, 2, 3)
|
$1.35
|
$1.64
|
(17.7)%
|
Operating cash flow
on a consolidated basis
|
$238.2
|
$217.9
|
9.3%
|
1) Excluding costs
for capacity alignments, antitrust related matters and separation
of our business segments. 2) Assuming dilution and net of treasury
shares. 3) Participating share awards with right to receive
dividend equivalents are (under the two class method) excluded from
the EPS calculation.
|
Comments from Mikael Bratt,
President & CEO
"Our growth momentum continued in the third quarter. Driven
mainly by a large number of product launches in North America, our sales grew organically* by
more than 6% despite the decrease in light vehicle production of
about 2% according to IHS. We were able to grow faster than light
vehicle production in all regions except Rest of Asia, with North
America as the main driver with 22% organic* sales growth.
The launches are on schedule, with good delivery precision albeit
with continued elevated launch related costs, temporarily impacting
our profitability progression negatively.
I am pleased that our order intake continued on a high level in
the quarter, supporting our growth opportunities for the longer
term. Our operating cash flow was solid in the quarter, supporting
our full year indication of an operating cash flow for Continuing
Operations to be on a similar level as last year.
In the third quarter our industry experienced significant
changes in light vehicle production, especially in Europe impacted by WLTP, and in China due to lower consumer demand. As a
result, our supply chain, production and logistic systems had to
manage significant and late changes to OEM production plans with
corresponding uneven utilization of our supply chain, production
and logistics assets while at the same time focusing on the many
launches and high growth in North
America. We see a similar environment for the rest of the
year, with continued uncertainty for light vehicle production,
especially in China and
Europe, with continued uneven
asset utilization. We are implementing actions to manage these
challenges and we look forward to a gradual improvement in
operating leverage over time.
With a never-ending focus on quality and operational excellence,
we continue to execute on our growing business volumes and our new
opportunities, with extra attention to any changes in light vehicle
demand."
An earnings conference call will be held at 2:00 p.m. (CET) today, October 26. 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.
Inquiries: Investors and Analysts
Anders Trapp
Vice President Investor Relations
Tel +46 (0)8 58 72 06 71
Henrik Kaar
Director Investor Relations
Tel +46 (0)8 58 72 06 14
Inquiries: Media
Stina Thorman
Acting Vice President Communications
Tel +46(0)8-58-72-06-50
This information is information that Autoliv, Inc. is obliged to
make public pursuant to the EU Market Abuse Regulation. The
information was submitted for publication, through the agency of
the VP of Investor Relations set out above, at 12.00 CET on
October 26, 2018.
This information was brought to you by Cision
http://news.cision.com
http://news.cision.com/autoliv/r/financial-report-july---september-2018,c2656462
The following files are available for download:
http://mb.cision.com/Main/751/2656462/933952.pdf
|
The full report
(PDF)
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