STOCKHOLM, Sweden, July 21, 2005 (PRIMEZONE) -- Autoliv:
Stable Sales and Strong Margins
For the quarter ended June 30, 2005, Autoliv Inc. (NYSE:ALV) (SSE:ALIV) -- the worldwide leader in automotive safety systems -- reported continued improvement in sales and better-than-expected margins.
Compared to the corresponding quarter 2004, consolidated sales rose by 5% to $1,655 million and organic sales by 1%, despite flat vehicle produc!tion with a negative mix in the Triad. Operating income increased by 1% to $144 million and operating margin of 8.7% exceeded the 8.3% expected for the quarter. Net income declined to $86 million from $89 million due primarily to higher tax and interest rates. Earnings per share, however, stood unchanged at 94 cents.
Cash flow from operations amounted to $111 million and $23 million after investing activities. Sales for the third quarter 2005 are expected to remain flat, despite a 6% anticipated decline in light vehicle production in Western Europe, Autoliv's most important market, and despite a 1% negative currency effect given current exchange rates. Operating margin is expected to reach the same level as achieved in the third quarter 2004 adjusted for plant closure costs. An earnings conference call will be held today at 3.30 p.m. (CET); call (in Europe) +44-207-365-8426 and (in the U.S.) +1-617-847-8708 to listen in or access www.autoliv.com under Financial info/Calendar.
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