STOCKHOLM, Sweden, Oct. 21, 2004 (PRIMEZONE) -- Autoliv (NYSE:ALV) (SSE:ALIV) --
Record-breaking Third Quarter -- Sales: Up 14% to $1.4 billion -- Income Before Tax: Up 24% to $97 million -- Earnings per Share: Up 31% to $.72 -- Cash Flow: Up 87% to $126 million
Autoliv Inc., the worldwide leader in automotive safety systems, reported record third-quarter sales, earnings and cash flow for the three-month period which ended September 30, 2004.
Despite flat underlying light vehicle production, Autoliv's consolidated sales rose by 14% to $1,383 million, operating income improved by 21% to $104 million and income before taxes increased by 24% to $97 million compared to the corresponding quarter 2003. Net income increased by 30% to $67 million and earnings per share by 31% to 72 cents. The strong top-line performance was driven by an 8% organic growth in sales and a 6% translation effect from currency exchange rates. Earnings were also positively impacted by a 0.8 percentage point improvement in the gross profit margin.
Cash flow from operations increased to $126 million and to $68 million after investing activities, compared to $68 million and $0 million, respectively, in the third quarter 2003.
Sales for the fourth quarter 2004 are expected to increase, compared to the same quarter prior year, by approximately 7%, given current exchange rates. The operating margin is expected to slightly exceed the 8% underlying margin as presented in the earnings release for the fourth quarter 2003.
An earnings conference call will be held today at 3.30 p.m. (CET); call (in Europe) +44-207-162-0025 or (in the U.S.) +1-334-323-6201 to listen in or access www.autoliv.cm under Financial info/Calendar.
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