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Autoliv, Inc. (NYSE:ALV) shares are trading higher on Friday.
The company reported first-quarter adjusted earnings per share of $1.58, beating the analyst consensus of $1.42.
Quarterly sales of $2.62 billion beat the street view of $2.60 billion. Sales rose by 4.9% year over year.
Adjusted operating margin in the quarter under review expanded to 7.6% from 5.3%, driven mainly by volume growth and cost reductions. Adjusted operating income rose over 51% year over year.
Autoliv said it outperformed in all regions, including China, despite a negative LVP mix development, with domestic Chinese OEMs growing by 17% and global OEMs declining by 5%.
The company’s sales in India grew organically by 27%. Sales in India are now larger than in South Korea, accounting for more than 4% of the company’s global sales.
Autoliv said that restructuring activities yield results with indirect headcount declining by around 1,000, or by more than 5%, in the past 12 months.
“We are facing inflationary pressure again this year and we continue to expect compensation for what is in excess of what we can offset through normal productivity measures,” said Mikael Bratt, President & CEO.
“To support future growth, we are currently investing in increased capacity in Vietnam, China and India,” Bratt added.
Outlook: Autoliv reiterates its FY24 outlook, projecting around 5% organic sales growth, with around 10.5% adjusted operating margin and $1.2 billion operating cash flow.
Price Action: ALV shares are trading higher by 7.8% to $124.87 at last check Friday.
Photo via Shutterstock
Posted In: ALV
