STOCKHOLM, Sweden, July 22, 2004 (PRIMEZONE) -- Autoliv:
- Record Sales -- up 16% to $1.6 billion - Record Income Before Tax -- up 23% to $135 million - Record Earnings per Share -- up 22% to $.94 - Record Net Cash Flow -- up 166% to $123 million
Autoliv Inc. (NYSE:ALV) (SSE: ALIV) -- the worldwide leader in automotive safety systems -- reported record sales and earnings for the three-month period which ended June 30, 2004.
Despite flat underlying light vehicle production, Autoliv's consolidated sales rose by 16% to $1,579 million, operating income improved by 25% to $142 million and income before taxes increased by 23% to $135 million compared to the corresponding quarter 2003. Net income and earnings per share increased by 22% to $89 million and 94 cents, respectively. The strong top-line performance was mainly driven by a 10% organic growth in sales and a 5% translation effect from currency exchange rates. Earnings were also driven by a one percentage point gross margin expansion to 20.6%.
Operations generated the best cash flow ever for a second quarter. Cash flow hit $206 before investing activities and $123 million after these activities, compared to $118 million and $46 million, respectively, in the second quarter 2003.
Sales for the third quarter 2004 are expected to increase by approximately 10% and the operating margin is expected to slightly exceed the 7.1% level achieved during the corresponding quarter 2003.
An Earnings Conference Call will be held today at 3.30 p.m. CET (9.30 a.m. New York time). In Europe call: +44-20-7162 0180 and in North America: +1-334-323 6203. The conference will also be available and archived at www.autoliv.com under Financial info/Calendar.
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