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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.
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Autoliv Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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Capital expenditures, net, of $117 million were $32 million more than depreciation and amortization expense during the quarter and $25 million lower than capital expenditures, net during the third quarter of 2017.
Operating income increased by $25 million to $193 million, corresponding to a reported operating margin of 9.5% of sales, compared to 8.6% of sales in the same quarter of 2017.
This replaces our previous full year 2018 guidance of organic growth of around 8% and an adjusted operating margin of more than 11%.
Cash flow from operations less used for investing activities for the first nine months was negative $193 million compared to $32 million during the same period in 2017, mainly due to the lower operating cash flow.
The launches are on schedule, with good delivery precision albeit with continued elevated launch related costs, temporarily impacting our profitability progression negatively.
Organic sales growth from Autoliv?s...Read more
The gross profit for the...Read more
Sales from Autoliv?s companies in...Read more
Autoliv has not provided a...Read more
Accounts receivable in relation to...Read more
Seatbelt sales grew organically (non-U.S....Read more
The reported operating margin was...Read more
In the first nine months...Read more
Sales to domestic OEMs are...Read more
The organic sales growth (non-U.S....Read more
The organic sales increase (non-U.S....Read more
The organic sales increase (non-U.S....Read more
Outstanding receivables relative to average...Read more
These historical non-U.S. GAAP financial...Read more
It should be noted that...Read more
The organic growth in sales...Read more
Outstanding inventory relative to average...Read more
Consolidated net sales increased by...Read more
Sales growth to domestic OEMs...Read more
Mainly due to higher net...Read more
Management believes that these non-U.S....Read more
Organic sales growth outperformed LVP...Read more
The weighted average number of...Read more
The weighted average number of...Read more
By adjusting for DRD, the...Read more
Sales in South America grew...Read more
Cash flow from operations less...Read more
Airbag sales had solid organic...Read more
Sales grew organically (non-U.S. GAAP...Read more
South America grew organically (non-U.S....Read more
New Revenue Recognition Standard The...Read more
Compared to a year ago,...Read more
Dividend On August 15, 2018,...Read more
With a never-ending focus on...Read more
Organic sales growth (non-U.S. GAAP...Read more
The effective tax rate in...Read more
Days inventory outstanding was 38...Read more
Currency translations are expected to...Read more
The Company was able to...Read more
Operating income increased by $56...Read more
The projected tax rate, excluding...Read more
By growing organically (non-U.S. GAAP...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Autoliv Inc provided additional information to their SEC Filing as exhibits
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