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Autoliv Inc (ALV) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Autoliv Inc

CIK: 1034670 Ticker: ALV

Exhibit 99.1

 

 

Financial Report July – September 2018

Continued sales growth momentum

 

 

(Stockholm, Sweden, October 26, 2018) – 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.


The following information was filed by Autoliv Inc (ALV) on Friday, October 26, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Autoliv Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Income (Unaudited)
Basis Of Presentation
Basis Of Presentation - Additional Information (Detail)
Components Of Inventories For Continuing Operations (Detail)
Components Of Net Periodic Benefit Cost From Continuing Operations (Detail)
Contingent Liabilities
Contingent Liabilities - Additional Information (Detail)
Derivative Financial Assets And Liabilities Measured At Fair Value On Recurring Basis For Continuing Operations (Detail)
Derivative Financial Assets And Liabilities Measured At Fair Value On Recurring Basis For Continuing Operations (Parenthetical) (Detail)
Discontinued Operations
Discontinued Operations (Tables)
Discontinued Operations - Additional Information (Detail)
Discontinued Operations - Summary Of Carrying Value Of Assets And Liabilities Reclassified As Assets And Liabilities Of Discontinued Operations (Detail)
Discontinued Operations - Summary Of Financial Results Of Discontinued Operations (Detail)
Discontinued Operations - Summary Of Significant Non-Cash Items Of Discontinued Operations (Detail)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Additional Information (Detail)
Equity
Equity (Tables)
Equity- Additional Information (Detail)
Fair Value Measurement
Fair Value Measurement (Tables)
Fair Value Measurement - Additional Information (Detail)
Fair Value Of Debt (Detail)
Income Taxes
Income Taxes - Additional Information (Detail)
Inventories
Inventories (Tables)
New Accounting Standards
New Accounting Standards (Policies)
New Accounting Standards (Tables)
New Accounting Standards - Additional Information (Detail)
Product-Related Liabilities
Product-Related Liabilities (Tables)
Product-Related Liabilities - Additional Information (Detail)
Related Party Transactions
Related Party Transactions (Tables)
Related Party Transactions - Additional Information (Detail)
Restructuring
Restructuring (Tables)
Restructuring - Additional Information (Detail)
Retirement Plans
Retirement Plans (Tables)
Revenue
Revenue (Tables)
Revenue - Additional Information (Detail)
Revenue From Continuing Operations Disaggregated By Primary Region And Products (Detail)
Schedule Of Changes In Balance Sheet Position Of Restructuring Reserves Related To Continuing Operations (Detail)
Schedule Of Components Of Accumulated Comprehensive Income (Loss) (Detail)
Schedule Of Computation Of Basic And Diluted Eps Under Two-Class Method (Detail)
Stock Incentive Plan
Stock Incentive Plan - Additional Information (Detail)
Subsequent Events
Summary Adoption Of New Accounting Standard Impact On Balance Sheet (Detail)
Summary Adoption Of New Accounting Standard Impact On Income Statement (Detail)
Summary Of Amounts Due To And Due From Related Party (Detail)
Summary Of Change In Balance Sheet Position Of Product-Related Liabilities Related To Continuing Operations (Detail)
Summary Of Changes In Contract Assets And Contract Liabilities (Detail)
Summary Of Changes In Equity Components (Detail)
Summary Of Information About Contract Balance With Customers (Detail)
Summary Of Information About Receivables, Net Of Allowance (Detail)
Ticker: ALV
CIK: 1034670
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-18-025218
Submitted to the SEC: Fri Oct 26 2018 2:07:12 AM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: Motor Vehicle Parts And Accessories

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