Form 8-K - Current report

0001034670false00-000000000010346702024-11-112024-11-11

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): November 11, 2024

 

 

Autoliv, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware			001-12933	Not applicable
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
Klarabergsviadukten 70, Section B 7th Floor, Box 70381,
Stockholm, Sweden				SE-107 24
(Address of Principal Executive Offices)				(Zip Code)

 

[phone]

(Registrant’s Telephone Number, Including Area Code)

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock (par value $1.00 per share)		ALV		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

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Item 8.01 Other Events.

Fourth Quarter Dividend

In a press release dated November 11, 2024, the Company announced that the Board declared a quarterly dividend of $0.70 cents per share for the fourth quarter of 2024. The dividend will be payable on Thursday, December 19, 2024 to the holders of Company common stock and on Friday, December 20, 2024 to the holders of the Company's Swedish Depository Receipts (SDRs). The dividend payments will be made to holders of record on the close of business on Tuesday, December 3, 2024.

Share Repurchase Program Extension

In the same press release dated November 11, 2024, the Company announced that the Board has approved an extension of the current share repurchase program which had been scheduled to expire at the end of 2024. The Board has approved an extension of the program until the end of 2025 with no other changes to the authorization.

The portions of the Press Release attached as Exhibit 99.1 to this Form 8-K relating to the fourth quarter dividend and the stock repurchase program extension are incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) EXHIBITS

99.1		Press Release of Autoliv, Inc. dated November 11, 2024.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

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EXHIBIT INDEX

 

Exhibit No.		Description
99.1		Press Release of Autoliv, Inc. dated November 11, 2024.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	AUTOLIV, INC
	By:		/s/ Anthony J. Nellis
	Name:		Anthony J. Nellis
	Title:		Executive Vice President, Legal Affairs and General Counsel

 

Date: November 14, 2024

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PRESS RELEASE

Exhibit 99.1

 

Autoliv Announces Dividend Increase, Share Repurchase Program Extension, Treasury Shares Retirement, and 2025 Capital Markets Day

(Stockholm, Sweden, November 11, 2024) – Autoliv, Inc. (NYSE: ALV and SSE: ALIVsdb), the worldwide leader in automotive safety systems, today announced an increase of its quarterly dividend and extension of its current share repurchase program. Autoliv will cancel two million treasury shares in December 2024. Autoliv plans to hold its next Capital Markets Day on June 3rd, 2025.

 

Quarterly Dividend

Autoliv’s quarterly dividend is increased by 3% to 70 cents per share, from 68 cents, for the fourth quarter of 2024. Assuming today’s number of shares outstanding, this equals an annualized total dividend of approximately $220 million.

To holders of record on the close of business on Tuesday, December 3, the dividend will be payable on: Thursday, December 19, 2024 to holders of Autoliv common stock listed on the New York Stock Exchange (Common Stock); and Friday, December 20, 2024 to holders of Autoliv Swedish Depository Receipts listed on Nasdaq Stockholm (SDRs). The ex-date is: Tuesday, December 3, for holders of Common Stock; and Monday, December 2, for holders of SDRs.

 

Share Repurchase Program Extension

Since 2021, Autoliv has returned over $1.6 billion to shareholders through dividends and share repurchases in a challenging market environment. Approximately $950 million of this value has been for the repurchase of 9.5 million shares, representing 11% of our outstanding shares at the time the program began, as part of our current 3-year share repurchase program set to expire at year-end.

With only the current quarter remaining under the current share repurchase program, the Autoliv Board of Directors has now approved an extension of the program until the end of 2025 with no other changes to the authorization. Under the extended repurchase program, up to 7.5 million shares or up to $550 million, whichever comes first, remain authorized for potential repurchase from today through 2025. Autoliv management can initiate repurchases opportunistically at its discretion, subject to applicable legal requirements.

 

Retirement of Treasury Shares

The Autoliv Board of Directors also approved the retirement this quarter of 2,000,000 shares of common stock that have been held in treasury. The retirement of these shares in December, together with the retirement of shares repurchased in the quarter, will result in the decrease in the issued shares of common stock.

 

Capital Markets Day

Autoliv plans to host a Capital Markets Day on Tuesday June 3rd, 2025. Autoliv will invite investors, analysts, media, and other stakeholders to attend. More details will be provided in early 2025.

 

Autoliv Inc. Box 70381, 107 24 Stockholm, Sweden Visiting address: World Trade Center, Klarabergsviadukten 70, B7, 111 64 Stockholm Phone: [phone] E-mail: [e-mail]

 

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Comments by the Chairman

“Autoliv aims to consistently create competitive shareholder value through our purpose-led strategy and operations. Our strong balance sheet and positive cash flow trend support increased shareholder returns. The Board of Directors is pleased to approve a higher dividend payout, extend the share repurchase program, and reduce number of treasury shares in line with our commitment to return value to our shareholders,” says Jan Carlson, Chairman of the Board of Directors. “This is the fourth consecutive annual 3% increase since we re-instated our dividend in Q2 2021,” continued Mr. Carlson.

 

Inquiries:

Investors & Analysts: Anders Trapp, Tel [phone]
Investors & Analysts: Henrik Kaar, Tel [phone]

Media: Gabriella Etemad, Tel [phone]

 

This information is information that Autoliv, Inc. is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the contact person set out above, at 23:50 CET on November 11, 2024.

 

About Autoliv

Autoliv, Inc. (NYSE: ALV; Nasdaq Stockholm: ALIV.sdb) is the worldwide leader in automotive safety systems. Through our group companies, we develop, manufacture and market protective systems, such as airbags, seatbelts, and steering wheels for all major automotive manufacturers in the world as well as mobility safety solutions, such as pedestrian protection, connected safety services and safety solutions for riders of powered two wheelers. At Autoliv, we challenge and re-define the standards of mobility safety to sustainably deliver leading solutions. In 2023, our products saved 35,000 lives and reduced more than 450,000 injuries.

Our 70,000 associates in 25 countries are passionate about our vision of Saving More Lives and quality is at the heart of everything we do. We drive innovation, research, and development at our 14 technical centers, with their 20 test tracks. Sales in 2023 amounted to US $ 10.5 billion. For more information go to www.autoliv.com.

 

Safe Harbor Statement

This report contains statements that are not historical facts but rather forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those that address activities, events or developments that Autoliv, Inc. or its management believes or anticipates may occur in the future. All forward-looking statements are based upon our current expectations, various assumptions and data available from third parties. Our expectations and assumptions are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that such forward-looking statements will materialize or prove to be correct as forward-looking statements are inherently subject to known and unknown risks, uncertainties and other factors which may cause actual future results, performance or achievements to differ materially from the future results, performance or achievements expressed in or implied by such forward-looking statements. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those set out in the forward-looking statements, including general economic conditions and fluctuations in the global automotive market. For any forward-looking statements contained in this or any other document, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we assume no obligation to update publicly or revise any such statements in light of new information or future events, except as required by law.

 

 

 

Autoliv Inc. Box 70381, 107 24 Stockholm Visiting address: World Trade Center, Klarabergsviadukten 70, B7, 111 64 Stockholm Phone: [phone]

 

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Document And Entity Information	Nov. 11, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 11, 2024
Entity Registrant Name	Autoliv, Inc.
Entity Central Index Key	0001034670
Entity Emerging Growth Company	false
Entity File Number	001-12933
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	Klarabergsviadukten 70, Section B
Entity Address, Address Line Two	7th Floor,
Entity Address, Address Line Three	Box 70381,
Entity Address, City or Town	Stockholm,
Entity Address, Country	SE
Entity Address, Postal Zip Code	SE-107 24
City Area Code	+46 8
Local Phone Number	587 20 600
Entity Information, Former Legal or Registered Name	Not Applicable
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock (par value $1.00 per share)
Trading Symbol	ALV
Security Exchange Name	NYSE

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