Trasporti
Autoliv: Financial Report July - September 2024
net sales
net sales decrease
organic sales decline*
operating margin
adjusted operating margin*
diluted EPS, 11% increase
adjusted diluted EPS*, 11% increase
organic sales growth
FX effect on net sales
adjusted operating margin
operating cash flow
Light vehicle production was weak in the third quarter, declining by close to 5% globally. This was driven by a combination of inventory reductions, especially in the Americas and a high comparison base, especially in China . In this tough environment, Autoliv managed to outgrow LVP by 4pp, enabling almost unchanged sales and operating income. This is despite a $14 million cost item related to a supplier settlement.
We were able to achieve these results mainly due to our cost control, including a continued reduction of our indirect workforce. We accelerated our efficiency improvements, contributing to a reduction of direct headcount by 3,100 compared to a year earlier, which is a reduction of 6%.
I am pleased that we outgrew LVP on a global basis following substantial outperformance in Europe and Asia excl. China . Our sales underperformed LVP in China due to a substantial negative market mix, however, our position with Chinese OEMs continues to improve.
Based on sales trends and order intake in recent years, we expect further market share gains with domestic Chinese OEMs in the coming years.
Excess inflation compensation negotiations with our customers have developed in line with our expectations with a few negotiations still outstanding.
With the seasonally strong fourth quarter remaining of the year, we reaffirm our guidance of around 9.5-10.0% adjusted operating margin for 2024. We expect to be at the low end of this range, as we now expect full year 2024 organic growth to be 1% instead of previously expected 2% due to the unfavorable market mix development.
Our operating cash flow is on track towards the full year guidance of $1.1 billion and our balance sheet remains strong with a debt leverage of 1.4x, which supports our continued commitment to a high level of shareholder returns and our financial targets.
Anders Trapp
Vice President Investor Relations
Tel +46 (0)8 5872 0671
Henrik Kaar
Director Investor Relations
Tel +46 (0)8 5872 0614
Gabriella Etemad
Senior Vice President Communications
Tel +46 (0)70 612 6424
Autoliv, Inc. is obliged to make this information 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 18, 2024 .
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