(RTTNews) - Autoliv (ALV) reported that its second quarter net income increased to $139 million from $53 million, last year. Earnings per share was $1.71 compared to $0.61. The company said the improvement was driven by better pricing and execution of cost reductions, with indirect headcount reduced by 1,100 since the start of the program. Adjusted earnings per share declined to $1.87 from $1.93. On average, analysts polled by Thomson Reuters expected the company to report profit per share of $2.23, for the quarter. Analysts' estimates typically exclude special items.
Net sales were $2.61 billion compared to $2.64 billion, previous year. Analysts on average had estimated $2.74 billion in revenue. Sales increased organically by 0.7%.
For 2024, the company projects: around 2% organic sales growth; and around 9.5-10.0% adjusted operating margin.
"We remain fully focused on delivering on the around 12% adjusted operating margin target, although we adjust our full year 2024 guidance slightly, reflecting changes in LVP and adverse customer mix," Mikael Bratt, President & CEO, stated.
Shares of Autoliv are down 7% in pre-market trade on Friday.
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