Autoliv (NYSE:ALV) has released its first-quarter results for 2024, detailing a solid performance with a 5% increase in net sales to $2.615 billion.
Operating margin for the quarter impressively rose to 7.4%, with adjusted operating margin reaching 7.6%.
The adjusted earnings per share (EPS) increased by 76% to $1.58, signalling strong profitability and growth.
The report also outlined key business developments, noting a record first-quarter sales performance that outperformed global market trends.
Despite a global light vehicle production (LVP) decline of 1%, Autoliv’s sales grew by 5%, showcasing its strong market position and successful new product launches.
The company's profitability saw substantial improvements, driven by organic growth and cost reduction measures, culminating in an operating income of $194 million—an improvement from $131 million in Q1 2023.
Autoliv also saw a significant increase in cash flow, with operating cash flow improving by $168 million and free cash flow advancing by $171 million.
Looking forward to the rest of the year, Autoliv has set a confident full-year guidance for 2024, expecting around 5% organic sales growth and an adjusted operating margin of approximately 10.5%.
Additionally, the company also anticipates a strong operating cash flow of around $1.2 billion.