We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Autoliv Inc. (ALV - Free Report) reported third-quarter 2022 adjusted earnings of $1.23 per share, missing the Zacks Consensus Estimate of $1.37. This was due to lower-than-expected revenues from the Airbags and Associated Products, Seatbelts and Associated Products, the Americas, Europe, Japan and the Rest of Asia segments. The bottom line, nevertheless, shot up 68% on a year-over-year basis. The company reported net sales of $2,302 million in the quarter, which missed the Zacks Consensus Estimate of $2,344 million. The top line, however, soared 25% year over year.
Autoliv reported an adjusted operating income of $173 million, surging 67% year over year. Adjusted operating margin from continuing operations was 7.5%, higher than 5.6% in the year-ago period. It was driven by a recovery in light vehicle production, cost discipline and pricing initiatives.
Sales in the Airbags and Associated Products segment totaled $1,510 million, marginally missing the Zacks Consensus Estimate of $1,514 million. But, revenues soared 26% on a year-over-year basis. All major categories within the segment witnessed organic sales growth. The primary reason for the upside was a rise in sales of steering wheels and inflatable curtains, followed by passenger airbags and side airbags.
Sales in the Seatbelts and Associated Products segment totaled $792 million, up 22% from the prior-year quarter. Organic growth in China, followed by the Americas and Europe, was the contributing factor. The figure, however, missed the consensus mark of $841 million.
Region-wise, overall sales in the Americas during the quarter under review totaled $794 million, which fell short of the consensus mark of $812 million. Sales in Europe totaled $552 million, lagging the Zacks Consensus Estimate of $628 million. Sales in China came in at $537 million, beating the consensus mark of $497 million. Sales in Japan and the Rest of Asia were $175 million and $243 million, missing the consensus mark of $220 million and $244 million, respectively.
Financial Position
Autoliv had cash and cash equivalents of $483 million as of Sep 30, 2022, down 46% year over year. Long-term debt totaled $1,037 million, decreasing from $1,687 million as of Sep 30, 2021. Net capital expenditure increased 47% to $164 million. At quarter-end, positive free cash flow was $68 million, down from $77 million in the year-ago period. During the quarter under review, Autoliv paid a quarterly dividend of 64 cents per share and repurchased 0.26 million shares at an average price of $78.04 per share.
2022 Guidance
The company forecasts full-year 2022 organic sales growth of around 15%, up from 13-16% guided previously. Adjusted operating margin is now anticipated within the higher end of 6-7%. Operating cash flow expectations have been brought down to the band of $700-$750 million from the $750-$850 million forecast earlier. The projection for capex, net, of sales, remains unchanged at around 5.5%.
Autoliv, which belongs to the Zacks Auto-Tires-Trucks sector, competes with peers like Cummins (CMI - Free Report) , CarParts.com (PRTS - Free Report) and Lithia Motors (LAD - Free Report) .
Cummins’ earnings beat the Zacks Consensus Estimate in two of the trailing four quarters and missed the same twice, with the average surprise being 1.49%.
CarParts’ earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed the same once, with the average surprise being 70%.
Lithia’s earnings beat the Zacks Consensus Estimate in two of the trailing four quarters and missed the same twice, with the average surprise being 7.73%.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Autoliv (ALV) Q3 Earnings & Sales Lag, '22 Sales View Revised
Autoliv Inc. (ALV - Free Report) reported third-quarter 2022 adjusted earnings of $1.23 per share, missing the Zacks Consensus Estimate of $1.37. This was due to lower-than-expected revenues from the Airbags and Associated Products, Seatbelts and Associated Products, the Americas, Europe, Japan and the Rest of Asia segments. The bottom line, nevertheless, shot up 68% on a year-over-year basis. The company reported net sales of $2,302 million in the quarter, which missed the Zacks Consensus Estimate of $2,344 million. The top line, however, soared 25% year over year.
Autoliv reported an adjusted operating income of $173 million, surging 67% year over year. Adjusted operating margin from continuing operations was 7.5%, higher than 5.6% in the year-ago period. It was driven by a recovery in light vehicle production, cost discipline and pricing initiatives.
Autoliv, Inc. Price, Consensus and EPS Surprise
Autoliv, Inc. price-consensus-eps-surprise-chart | Autoliv, Inc. Quote
Segmental Performance
Sales in the Airbags and Associated Products segment totaled $1,510 million, marginally missing the Zacks Consensus Estimate of $1,514 million. But, revenues soared 26% on a year-over-year basis. All major categories within the segment witnessed organic sales growth. The primary reason for the upside was a rise in sales of steering wheels and inflatable curtains, followed by passenger airbags and side airbags.
Sales in the Seatbelts and Associated Products segment totaled $792 million, up 22% from the prior-year quarter. Organic growth in China, followed by the Americas and Europe, was the contributing factor. The figure, however, missed the consensus mark of $841 million.
Region-wise, overall sales in the Americas during the quarter under review totaled $794 million, which fell short of the consensus mark of $812 million. Sales in Europe totaled $552 million, lagging the Zacks Consensus Estimate of $628 million. Sales in China came in at $537 million, beating the consensus mark of $497 million. Sales in Japan and the Rest of Asia were $175 million and $243 million, missing the consensus mark of $220 million and $244 million, respectively.
Financial Position
Autoliv had cash and cash equivalents of $483 million as of Sep 30, 2022, down 46% year over year. Long-term debt totaled $1,037 million, decreasing from $1,687 million as of Sep 30, 2021. Net capital expenditure increased 47% to $164 million. At quarter-end, positive free cash flow was $68 million, down from $77 million in the year-ago period. During the quarter under review, Autoliv paid a quarterly dividend of 64 cents per share and repurchased 0.26 million shares at an average price of $78.04 per share.
2022 Guidance
The company forecasts full-year 2022 organic sales growth of around 15%, up from 13-16% guided previously. Adjusted operating margin is now anticipated within the higher end of 6-7%. Operating cash flow expectations have been brought down to the band of $700-$750 million from the $750-$850 million forecast earlier. The projection for capex, net, of sales, remains unchanged at around 5.5%.
Autoliv, which belongs to the Zacks Auto-Tires-Trucks sector, competes with peers like Cummins (CMI - Free Report) , CarParts.com (PRTS - Free Report) and Lithia Motors (LAD - Free Report) .
Cummins’ earnings beat the Zacks Consensus Estimate in two of the trailing four quarters and missed the same twice, with the average surprise being 1.49%.
CarParts’ earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed the same once, with the average surprise being 70%.
Lithia’s earnings beat the Zacks Consensus Estimate in two of the trailing four quarters and missed the same twice, with the average surprise being 7.73%.