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ALV Allianz AG

253.30
-4.00 (-1.55%)
14 Jun 2024 - Closed
Realtime Data
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
  -4.00 -1.55% 253.30 252.90 253.60 257.90 251.80 257.80 70,967 22:50:03

Autoliv Upgrades Forecasts After Improved 3Q Light-Vehicle Output

17/09/2009 12:49pm

Dow Jones News


Allianz (TG:ALV)
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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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