February 20, 2024

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Market recovery helps Autoliv double net income in Q1

STOCKHOLM — Sweden’s Autoliv , the world’s premier producer of airbags and seatbelts, on Friday stated it extra than doubled its very first-quarter internet earnings amid potent sales progress throughout all its areas.

Autoliv, which rivals ZF and Joyson Security Systems, stated that although the pandemic was nevertheless affecting it in some means, organic and natural, or like-for-like, sales progress reached 17.nine% in the very first quarter.

The corporation stated internet earnings surged one hundred ten % to $157 million all through the quarter. Revenue improved 21 % to $2.24 billion.

Shares in Autoliv attained six.8 % to $104.77 in midday trading.

CEO Mikael Bratt stated a world-wide shortage of components, including semiconductors, had constrained gentle motor vehicle output.

“And we expect this condition to carry on in the 2nd and third quarter of this 12 months,” Bratt stated in a assertion.

Autoliv stated in January that the semiconductor shortage, which has impacted motor vehicle makers throughout the planet, could have a destructive effects on automobile output in the very first 50 % of 2021, whilst not immediately affecting the corporation.

The corporation described a very first-quarter functioning gain of $237 million compared with a $134 million gain in the 12 months-back quarter and a suggest forecast of $201 million based mostly on a poll of analysts printed by the corporation.

Autoliv kept its forecast for all-around 20 % organic and natural sales progress and an modified functioning margin of about 10 % in 2021, incorporating it now anticipated 23 % internet sales progress vs . a former forecast of 25 %.

Autolive ranks No. 31 on the Automotive News listing of the prime 100 world-wide suppliers with worldwides sales to automakers of $8.55 billion in 2019.

Automotive News contributed to this report.