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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Allianz AG | TG:ALV | Tradegate | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 8.20 | 2.47% | 340.00 | 339.70 | 340.30 | 340.40 | 332.60 | 333.90 | 78,193 | 22:50:02 |
From Apr 2020 to Apr 2025
Autoliv Inc. (ALV), the world's largest supplier of car airbags and seatbelts, Thursday increased its earnings forecasts for the rest of the year after better-than-expected sales in the third quarter due to a recovery in light-vehicle production.
The Swedish-American company, which supplies customers such as Ford Motor Co. (F), Volkswagen AG (VOW.XE) and General Motors Co., said full-year sales could reach nearly $4.9 billion despite an expected 25% drop in North American and West European light-vehicle production.
The company said its operating margin, excluding restructuring charges, is expected to be 4% for the third quarter of 2009, up from 1% to 3% forecast in July. Consolidated sales for the quarter are expected to decline by 15% to 20%, instead of 20% to 25%, provided current currency-exchange rates prevail. Organic sales are expected to decline by 10% to 15%.
Autoliv said it expects restructuring costs of $100 million. In July, Autoliv said that it expected restructuring costs for 2009 to exceed the $75 million it had announced previously without specifying a new amount. Despite this increase, Autoliv said it now believes that it could reach a break-even operating margin for the full year, including restructuring charges.
Autoliv said in December last year that it had cut 5,900 jobs, or 14% of its workforce, in a cost-cutting program initiated in July. The measures aimed to save $120 million in 2010 at an initial cost estimate of $75 million.
Autoliv shares gained as much as 3% after the news, but, at 1107 GMT, the stock traded up 0.50 Swedish kronor, or 0.2%, at SEK249.
Company Web site: www.autoliv.com
-By Ian Edmondson, Dow Jones Newswires; +46-8-5451-3094; ian.edmondson@dowjones.com
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