Autoliv said it booked record first quarter 2024 sales, up 5%, which was 6% better than the global LVP decline of 1%.
It claimed to have “outperformed” in all regions due mainly to new product launches and higher prices carried over from last year.
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Profitability improved thanks to growth and cost reduction. Operating income was US$194m and operating margin 7.4%. Adjusted operating income improved from $131m to $199m and adjusted operating margin increased from 5.3% to 7.6%.
Mikael Bratt, president & CEO, said: “We outperformed in all regions, including China despite a negative LVP mix development with domestic Chinese OEMs growing by 17% and global OEMs declining by 5%. It is encouraging that our sales in India grew organically by 27%.
“Sales in India are now larger than in South Korea, accounting for more than 4% of our global sales.”
“We are on track to deliver on our full year outlook. We expect a record number of product launches in 2024, despite some OEMs changing certain vehicle model launch plans, mainly for EV platforms.
“Restructuring activities are yielding results with indirect headcount declining by around 1,000, or by more than 5%, in the past 12 months.
“We expect the seasonality of past years to likely continue in 2024, with a gradual improvement throughout the year, leading to a full year adjusted operating margin of around 10.5%.” Key drivers for the full year margin progression are organic growth, our structural and strategic cost reduction initiatives, and a lower call-off volatility.
The 2024 development we expect should set up a solid base towards a continued high level of shareholder returns and our target of around 12% adjusted operating margin*.
