证 券 研 究 报 告 奥托立夫（ALV）FY24Q2 业绩点评及法说会纪要 会议时间：2024 年 7 月 18 日 会议地点：电话会议 Q2 营收 2.2 亿美元/+4%，中国主机厂在华订单销 售额同比+39% ❖ 事项： 美国东部时间 2024 年 7 月 19 日奥托立夫(ALV.N) 发布 2024 年 Q2 季度报告， 并召开业绩说明会。公司 2024Q2 季度报告时间从 2024 年 4 月 1 日至 2024 年 6 月 30 日。 ❖ 评论： 1. 财务业绩：24Q2 销售额为 26 亿美元/同比+1%；营业收入 2.21 亿美元/同比 +4%；营业利润率 8.5%/同比+0.5pp；毛利润 4.75 亿美元/同比+6%；毛利率为 18.2%/同比+1.3pp。运营现金流为 3.4 亿美元，同比减少 0.39 亿美元。 2. 市场布局：销售额占比：亚洲占 37%，美洲占 34%，欧洲占 29%；24Q2 中 国 OEM 销售额占中国销售总额 38%/同比+39%、环比+25%。较低的销量、较 高的波动性以及负面的客户组合导致公司 6 月份销售额比 24Q2 初的预期低了 12%，但公司预计下 ...

Images By Tang Ming Tung/DigitalVision via Getty ImagesAutoliv, Inc. (NYSE:ALV), a firm, which through its subsidiaries, develops, manufactures, and supplies passive safety systems to the automotive industry worldwide, has reported earnings results on the 19th of July 2024, missing both top- and bottomline estimates. As a result, the company’s share price fell significantly, further worsening the price decline, which started late May this year. Data by YChartsAssess, whether the observed price decline i ...

PhonlamaiPhoto/iStock via Getty Images Autoliv, Inc.'s (NYSE:ALV) shares are still awarded a Hold rating. I have considered both the negatives relating to ALV's Q2 performance, and the positives associated with the company's expense management and the China market's sales mix. My previous September 12, 2023 article analyzed ALV's shareholder capital return and the impact of the United Auto Workers (or UAW) strike. The focus of the latest write-up is Autoliv's results, guidance, and disclosures pertaining to ...

Autoliv Inc. (ALV) reported second-quarter 2024 adjusted earnings of $1.87 per share, which missed the Zacks Consensus Estimate of $2.44 and fell 3% year over year. The company reported net sales of $2.61 billion in the quarter, which missed the Zacks Consensus Estimate of $2.77 million and fell 1.1% year over year.Organic sales rose 0.7% year over year but missed our estimate of 5.6% due to lower light vehicle production in the Americas and China. Autoliv reported adjusted operating income of $221 million, ...

Loading...Loading...Autoliv, Inc 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 operatio ...

More Lives Saved More Life Lived Earnings Call Presentation 2nd Quarter 2024 July 19, 2024 July 19, 2024 ALV – Q2 2024 Earnings Call and Webcast Copyright Autoliv Inc., All Rights Reserved Public Safe Harbor Statement* This report contains statements that are not historical facts but rather forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forwardlooking statements include those that address activities, events or developments that Autoliv, Inc. or it ...

Financial Data and Key Metrics - Net sales decreased by 1% YoY to $2.6 billion, driven by unfavorable currency translation effects, lower light vehicle production, and a negative regional and customer mix [11][12] - Adjusted operating income increased by 4% YoY to $221 million, with the adjusted operating margin improving by 50 basis points to 8.5% [11][21] - Operating cash flow was $340 million, $39 million lower than Q2 2023, which was unusually strong due to working capital reversals [11][24] - Gross margin improved by 130 basis points YoY and sequentially, supported by higher direct labor efficiency and cost reductions [10][21] - Leverage ratio improved to 1.2x, despite $250 million in shareholder returns during the quarter [7][26] Business Line Performance - Sales to domestic Chinese OEMs increased by 39% YoY and accounted for 38% of total sales in China, up from 20% in early 2022 [15] - Safety Content per Vehicle (CPV) is on track to grow by around 10% from 2022 to 2024 for both global and domestic Chinese OEMs [16] - The company signed a strategic cooperation agreement with XPENG AEROHT, a Chinese flying car innovator, to pioneer safety solutions for future mobility [7] Market Performance - Global light vehicle production was 3 percentage points lower than expected, with significant reductions in Europe, Japan, and China [8][13] - Sales in China underperformed by 7 percentage points due to declining production from key global customers and strong growth in low Autoliv content models [14][16] - The company outperformed global light vehicle production by 140 basis points, driven by strong performance in Japan, Rest of Asia, and Europe [14] Strategy and Industry Competition - The company is focused on reducing its indirect workforce by up to 2,000 employees, targeting $50 million in savings for 2024 [5] - Autoliv is strengthening its position with fast-growing domestic Chinese OEMs, which now account for 55% of China's light vehicle production, up from 40% in early 2022 [15] - The company expects a record number of product launches in 2024, with six models produced in China, reflecting its strong position in the region [17] Management Commentary on Operating Environment and Outlook - Management expects sequential margin improvement in H2 2024, targeting an adjusted operating margin of 11% to 12%, supported by stable light vehicle production, cost control, and customer compensations [32][69] - Full-year 2024 guidance was adjusted to reflect a 3% decline in global light vehicle production, with organic sales growth expected at around 2% [32] - The company remains committed to its around 12% adjusted operating margin target and high shareholder returns, supported by strong cash flow and balance sheet efficiency [7][32] Other Key Information - The company phased out sulfur hexafluoride (SF6) in steering wheel production, reducing Scope 1 and 2 emissions by 6% [19] - Autoliv developed airbag cushions made from 100% recycled polyester, contributing to its net-zero greenhouse gas emissions target by 2040 [20] - The company entered into a $125 million revolving credit facility with Standard Chartered Bank, maturing in 2029 [27] Q&A Session Summary Question: Why is the decremental margin at the higher end of the range? - The decremental margin is at the higher end due to lower light vehicle production and a slight headwind from raw materials [36][37] Question: How much of the mix headwind is expected in H2 2024? - The mix headwind is expected to be around negative 1% for the full year, with improvements in China offsetting some of the negative trends [39][40] Question: What is the view on light vehicle production and price compensation? - The company is more cautious on Europe due to economic headwinds, while price compensation negotiations remain detailed and evidence-driven [44][45] Question: Is the out-of-period compensation a timing issue? - The out-of-period compensation is a timing issue, with $6 million negotiated in Q2 2024 retroactively applied to Q1 2024 [48][49] Question: What drives the expected margin improvement in H2 2024? - Margin improvement is driven by higher light vehicle production, cost control, customer compensations, and structural initiatives, offset by raw material headwinds [69][70] Question: What are the cost reduction opportunities? - The company targets $50 million in indirect cost savings for 2024, ramping up to $130 million when fully implemented, with $40 million in year-over-year savings [75] Question: How should we think about market outgrowth? - The company focuses on organic growth of 4% to 6%, driven by light vehicle production growth, content growth, and additional business opportunities [78]

Key TakeawaysAutoliv blamed a slump in car demand for a drop in second-quarter sales and lowered its guidance.The Swedish maker of automotive safety equipment missed quarterly profit and revenue estimates.Autoliv cut its full-year organic sales growth and adjusted operating margin forecasts. Shares of Autoliv (ALV) sank Friday as the world’s largest maker of seatbelts and airbags for cars and trucks posted worse-than-expected results and slashed its guidance because of a slowdown in auto sales. The Sweden-b ...

In the second quarter, profitability continued to improve despite a slight decline in net sales. The improvement was driven by better pricing and successful execution of cost reductions, with indirect headcount reduced by 1,100 since the start of the program. We have settled cost compensation claims with a majority of We continued to outperform LVP significantly in Asia excluding China and in Europe, fueled by product launches and better pricing. In Americas, we underperformed slightly, as some key cust ...

In the second quarter, profitability continued to improve despite a slight decline in net sales. The improvement was driven by better pricing and successful execution of cost reductions, with indirect headcount reduced by 1,100 since the start of the program. We have settled cost compensation claims with a majority of We continued to outperform LVP significantly in Asia excluding China and in Europe, fueled by product launches and better pricing. In Americas, we underperformed slightly, as some key custome ...