Autoliv Swings To 1Q Net Loss, Sees Further Dip In 2Q Demand

Autoliv Inc. (ALV), the world's largest maker of seat belts and airbags, Tuesday reported a second consecutive quarterly net loss as automakers slashed production, and said second-quarter demand is expected to decline still further.

"Current assumptions indicate a consolidated sales decline in the range of 40% to 45% for the second quarter," Autoliv said.

Net loss in the three-month period ended March 31 was $63.4 million, compare to a net profit of $81.5 million a year earlier. Twelve analysts polled by Dow Jones and FactSet on average had forecast a net loss of $93 million.

Sales fell by nearly half to $926.7 million from $1.83 billion a year ago, missing analysts' forecasts of $944 million.

The company also reported an operating loss of $88.7 million compared to an operating profit of $127.3 million a year ago. Analysts had forecast an operating loss of $92 million.

At 1009 GMT, Autoliv's shares traded down SEK2.50, or 1.3%, at SEK196, underperforming the broader Stockholm market, which traded up 0.9%.

 
   Company Web site: www.autoliv.com 
 
   -By Ola Kinnander, Dow Jones Newswires; [phone]; [e-mail]