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Autoliv’s Net Income Falls 34%
Airbag supplier Autoliv Inc.’s operating income in the third quarter fell 17% to $158 million, and net income plunged 34% to $91 million.
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Airbag supplier Autoliv Inc.’s operating income in the third quarter fell 17% to $158 million, and net income plunged 34% to $91 million.
Net sales for the period rose 2% to $2.5 billion. But organic growth was flat and is expected to remain so through the current quarter. Autoliv notes it is in an “intense” period of preparing for future growth.
For the full year, the company anticipates an adjusted operating margin of about 8.5%, organic growth of 1% (half the pace it forecast earlier this year) and 3% consolidated sales growth.
Autoliv plans tol report by year-end on its strategic review of a plan to split itself into two publicly traded companies. The company envisions stand-alone electronics and passive safety businesses with projected annual sales by 2020 of $3 billion and $10 billion, respectively.
The electronics unit develops and markets radar, camera, night vision, restraint control and brake systems. Autoliv predicts demand for such products will double to $40 billion by 2025. Passive safety encompasses airbags, seatbelts and steering wheels, a market projected to grow 25% to $25 billion over the same period.
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