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Autoliv Cuts Outlook as Profits Plummet
Swedish safety systems supplier Autoliv Inc. has slashed its outlook for 2019 after the company’s second-quarter net income plunged 43%.
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Swedish safety systems supplier Autoliv Inc. has slashed its outlook for 2019 after the company’s second-quarter net income plunged 43%.
The company’s net sales slipped 3% to $2.2 billion in April-June and declined 3% to $4.3 billion through the first half of the year.
Autoliv’s second-quarter operating income fell 26% to $170 million. Quarterly net income slid to $109 million from $193 million.
Citing a “high level of uncertainty” and continuing weakness in the market, Autoliv now expects full-year organic sales growth of 1%-3% compared with its previous guidance of about 5%.
The company shed 1,200 jobs in the second quarter and has implemented more stringent purchasing procedures. CEO Mikael Bratt says he will take unspecified further action in the current period.
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