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Autoliv, Inc (NYSE:ALV) reported worse-than-expected second-quarter financial results and lowered the outlook on Friday.
The company reported a second-quarter FY24 sales decline of 1.1% year-on-year to $2.605 billion, missing the analyst consensus estimate of $2.74 billion., according to data from Benzinga Pro. Adjusted EPS of $1.87 missed the analyst consensus estimate of $2.23.
"We remain on track with our strategic and structural initiatives to sustainably strengthen our footprint and operations. However, light vehicle production with certain key customers following weaker sales and inventory adjustments were lower than expected in the quarter, especially in June. The lower than expected sales impacted our profitability with an operating leverage at the high end of our normal 20%-30% range," said President and CEO Mikael Bratt.
Autoliv lowered its FY24 organic sales growth outlook from 5% to around 2%.The company also lowered adjusted operating margin guidance from 10.5% to around 9.5% – 10%. Autoliv expects $1.1 billion in operating cash flow.
Autoliv shares fell 10.1% to close at $97.66 on Friday.
These analysts made changes to their price targets on Autoliv following the announcement.
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Posted In: ALV