Autoliv, Inc. reported its financial results for the third quarter of 2024, with net sales reaching $2,555 million, marking a 1.6% decrease year-over-year and a 0.8% organic sales decline. Despite this, the company achieved an adjusted operating margin of 9.3% and an 11% increase in adjusted diluted EPS to $1.84, demonstrating resilience in a challenging market.
The company's operating cash flow for the quarter was $177 million, a 12% decrease compared to the previous year. Autoliv managed to outperform global Light Vehicle Production (LVP) by 4 percentage points, driven by effective cost reductions, including a 6% reduction in direct headcount by 3,100 employees.
Autoliv updated its full-year 2024 guidance, now expecting organic sales growth of around 1%, a reduction from the previously anticipated 2%, primarily due to unfavorable market mix developments. The adjusted operating margin guidance was reaffirmed at 9.5-10.0%, with the company anticipating results at the lower end of this range, and operating cash flow is projected to be around $1.1 billion.
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