STOCKHOLM, Sweden, April 24, 2003 (PRIMEZONE) --
- Sales up 21% to $1,246 million - Earnings before tax up 29% to $80 million - Earnings per share up 35% to $.54 - Continued strong cash generation
Autoliv Inc. (NYSE:ALV) (SSE:ALIV) -- the worldwide leader in automotive safety systems -- reported record sales, and strong earnings and cash flow for the three-month period which ended March 31, 2003.
Despite only a 1% increase in the underlying light vehicle production, sales rose by 21% to $1,246 million, operating income by 25% to $90 million and income before income taxes by 29% to $80 million compared to the corresponding quarter 2002. Net income rose by 32% to $52 million and earnings per share by 35% to 54 cents.
The operations generated $108 million in cash before investments. Net debt to capitalization stood almost unchanged at 30% despite $34 million in share buy-backs.
Stronger foreign currencies, the acquisition of VRE in April last year and a 5% organic growth drove sales, earnings and cash flow.
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