Autoliv: Financial Report April - June 2008.STOCKHOLM, Sweden -- Regulatory News: Autoliv Inc (NYSE NYSE See: New York Stock Exchange :ALV ALV Arvonlisävero (Finnish: value added tax) ALV Avian Leukosis Virus ALV Andorra La Vella (capital of Andorra) ALV Autonomous Land Vehicle ALV Asta La Vista ALV Alvin, Texas ALV Air Launched Vehicle )(STO:ALIV ALIV A Life in Vain (band) ): Sales: $1,908 million EBIT EBIT See: Earnings Before Interest and Taxes EBIT See earnings before interest and taxes (EBIT). : $148 million EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. : $1.24 For the quarter ended June 30, 2008, Autoliv Inc. (NYSE:ALV)(STO:ALIV) - the worldwide leader in automotive safety systems - reported a sales increase of 10% to $1,908 million due to currency effects and an acquisition in 2007. Organic sales declined by 1% due to a worsening North American light vehicle production and a negative vehicle production mix. Despite these headwinds, the Company managed to reach its guided operating margin of 7.8% of net sales. Operating income for the second quarter amounted to $148 million, income before taxes to $135 million, net income to $90 million and earnings per share to $1.24. The comparable quarter 2007 was negatively affected by a $30 million increase in legal reserves. Excluding this item, operating income rose on a comparable basis by 12%, income before taxes by 13%, net income by 16% and earnings per share by 27%. Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses amounted to $159 million and cash flow before financing activities to $87 million. The market outlook is deteriorating as a result of both accelerating production cuts by customers and accelerating raw material and energy costs. To mitigate the effects of these trends, Autoliv will implement an action program that is estimated to generate annual cost savings in the magnitude of $120 million and could affect up to 3,000 associates. The costs for this program are estimated to amount to up to $75 million. As a result of the negative market trends, the Company is changing its full year guidance. Sales for 2008 are now expected to increase by 8% and an operating margin, excluding severance and other restructuring costs, is expected in the range of 7-7.5%. An earnings conference call will be held at 3:00 p.m. (CET CET abbr. Central European Time CET Central European Time CET n abbr (= Central European Time) → hora de Europa central CET abbr ) today July 22. To listen in, call (in Europe) +44-203-003-2665 and (in the U.S.) +1-866-966-5335 or access www.autoliv.com under "News/Calendar". This information was brought to you by Cision http://newsroom.cision.com |
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