- Autoliv Inc (NYSE:ALV) reported second-quarter FY22 sales growth of 2.9% year-on-year, to $2.08 billion, beating the consensus of $2.05 billion.
- Operating income declined 25% to $124 million, and the operating margin contracted 210 basis points to 6.0%.
- Stronger than expected performance in June driven by price increases, LVP recovery, and a patent litigation settlement led to a better-than-expected operating profit for the quarter. However, profitability declined due to higher raw material costs, currency movements, and lockdowns in China.
- Operating cash flow was negative $(51) million for the quarter versus $63 million a year ago, impacted by adverse effects from working capital.
- The adjusted return on capital employed was 13.3% versus 17.8% the prior year.
- Adjusted EPS of $0.90 topped the consensus of $0.37.
- Outlook: Autoliv sees FY22 organic net sales growth of 13% – 16% (prior view 12% – 17%).
- The company expects an adjusted operating margin of 6% – 7% (prior view 5.5% – 7.0%).
- It sees an FY22 operating cash flow of $750 million – $850 million (unchanged). It expects operating cash flow to recover in the second half.
- Price Action: ALV shares are trading higher by 3.46% at $84.25 during the premarket session on Friday.
Rumble And CFVI Announce Effectiveness Of S-4 Registration Statement
Special Meeting of CF Acquisition Corp. VI Stockholders to Approve Business Combination Scheduled for September 15, 2022
Upon Closing, the Combined Company is Expected to Trade on Nasdaq Under the Ticker
