Autoliv: Financial Report October – December 2023

STOCKHOLM, Jan. 26, 2024 /PRNewswire/ — (NYSE: ALV) and (SSE: ALIV.sdb)

Q4 2023: Record sales and strong profitability

Financial highlights Q4 2023

$2,751 million net sales
18% net sales increase
16% organic sales growth*
8.6% operating margin
12.1% adjusted operating margin*
$2.71 EPS, 51% increase
$3.74 adjusted EPS*, 105% increase

Full year 2024 guidance

Around 5% organic sales growth
Around 0% FX effect on net sales
Around 10.5% adjusted operating margin
Around $1.2 billion operating cash flow

All change figures in this release compare to the same period of the previous year except when stated otherwise. 

Key business developments in the fourth quarter of 2023

Record sales, increased organically* by 16%, which was 7pp better than global LVP growth of 9% (S&P Global January 2024). We outperformed in all regions, except China, mainly due to new product launches and higher prices. LVP in China grew by 31% for domestic OEMs with typically lower safety content but only by 7% for global OEMs with typically higher safety content.Profitability improved substantially, positively impacted by price increases, organic growth, and our cost reduction activities. Operating income was $237 million and operating margin was 8.6%. Adjusted operating income* improved from $233 million to $334 million and adjusted operating margin* increased from 10.0% to 12.1%. Return on capital employed was 24% and adjusted return on capital employed* was 33%.Operating cash flow remained strong, at $447 million. Free cash flow* was unchanged at $297 million. The leverage ratio* improved to 1.2X compared to 1.3X in the third quarter of 2023, despite returning $207 million to shareholders as dividends and share repurchases. A dividend of $0.68 per share was paid (a 3% increase), and 1.51 million shares were repurchased and retired in the quarter

*For non-U.S. GAAP measures see enclosed reconciliation tables. 

Key Figures

(Dollars in millions, except per share data)

Q4 2023

Q4 2022

Change

FY 2023

FY 2022

Change

Net sales

$2,751

$2,335

18 %

$10,475

$8,842

18 %

Operating income

237

230

3.1 %

690

659

4.7 %

Adjusted operating income1)

334

233

43 %

920

598

54 %

Operating margin

8.6 %

9.8 %

(1.2)pp

6.6 %

7.5 %

(0.9)pp

Adjusted operating margin1)

12.1 %

10.0 %

2.2pp

8.8 %

6.8 %

2.0pp

Earnings per share2)

2.71

1.80

51 %

5.72

4.85

18 %

Adjusted earnings per share1,2)

3.74

1.83

105 %

8.19

4.40

86 %

Operating cash flow

$447

$462

(3.4) %

$982

$713

38 %

Return on capital employed3)

24.4 %

24.3 %

0.1pp

17.7 %

17.5 %

0.2pp

Adjusted return on capital employed1,3)

32.9 %

24.9 %

8.1pp

23.1 %

16.0 %

7.1pp

1) Excluding effects from capacity alignments, antitrust related matters and for FY 2023 the Andrews litigation settlement. Non-U.S. GAAP measure, see reconciliation table. 2) Assuming dilution when applicable and net of treasury shares. 3) Annualized operating income and income from equity method investments, relative to average capital employed.

 Comments from Mikael Bratt, President & CEO

As we indicated throughout the year, we finished 2023 strong. We achieved or exceeded all of our 2023 indications. Sales and adjusted operating income hit new records while operating cash flow remained strong. I am pleased that gross margin improved substantially. 2023 order intake was the highest in the past five years, supporting our around 45% market share position, with a good mix of new and traditional OEMs as well as EV and ICE platforms. 

We increased shareholder returns to more than $200 million in the quarter while continuing to improve our leverage ratio. As of the end of 2023, we have repurchased shares close to $0.5 billion under our existing $1.5 billion repurchase program.

We outperformed LVP in all regions except China, which had a very strong LVP growth for domestic OEMs with typically lower safety content. We strengthened our market position in China and our order intake was strong in the rapidly changing market, where domestic OEMs are now the drivers behind LVP development.
We continue to deliver on our structural cost reductions, with around 75% of the planned indirect workforce reductions detailed and announced. We also see positive effects on direct labor productivity.

Our 2023 performance developed very much as we indicated with heavy cost headwinds early in the year, which led to a weak Q1 2023. However, quarter-by-quarter, our performance improved, driven by customer recoveries, efficiencies, and organic growth leading to a substantial full year profitability improvement. Our sustainability agenda is yielding results with good progress in GHG emissions, renewable electricity use and incident rate. 

The seasonality of past years is likely to be repeated in 2024, with an expected Q1 adjusted operating margin of around 7%, followed by gradual quarterly improvements, leading to a full year 2024 adjusted operating margin of around 10.5%. Key drivers for the full year margin progression are continued improvement in call-off stability, outgrowing LVP and benefits from strategic and structural initiatives. The improving results we expect in 2024 should take us one important step closer to our target of around 12% adjusted operating margin.

Inquiries: Investors and Analysts

Anders Trapp
Vice President Investor Relations
Tel +46 (0)8 5872 0671

Henrik Kaar
Director Investor Relations
Tel +46 (0)8 5872 0614

Inquiries: Media

Gabriella Etemad
Senior Vice President Communications
Tel +46 (0)70 612 6424

Autoliv, Inc. is obliged to make this information public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the VP of Investor Relations set out above, at 12.00 CET on January 26, 2024.

The following files are available for download:

 

View original content:https://www.prnewswire.com/apac/news-releases/autoliv-financial-report-october—december-2023-302045632.html

SOURCE Autoliv

大灣區經濟總量超13萬億

全國政協十四屆二次會議新聞發言人劉結一表示,粵港澳大灣區經濟總量超過13萬億人民幣,成為全球最具前景的增長極之一。

Alimentaria&Hostelco 2024 will have record international participation

BARCELONA, Spain, March 04, 2024 (GLOBE NEWSWIRE) — The lea

尼泊爾在珠峰攀登活動中引入定位晶片

新華社北京3月4日電 隨著春季登山季臨近,尼泊爾旅遊部門要求從該國一側攀登珠峰的人租賃並使用定位晶片,以便在不測事件發生時展開搜救。

中國首個“海上風電+海洋牧場”全年上網電量將超10億千瓦時

在距離山東省萊州市海岸11公里的國家級海洋牧場示範海域,坐落著中國首個“海上風電+海洋牧場”融合發展研究試驗專案。記者從國網萊州市供電公司獲悉,這一專案2024年前兩個月上網電量達1.8485億千瓦時,全年上網電量將突破10億千瓦時。

Värde Promotes Shannon Gallagher and Tony Iannazzo to Partner

NEW YORK and LONDON, March 04, 2024 (GLOBE NEWSWIRE) — Värd

CNH supports expanded rural connectivity in Latin America

CNH supports expanded rural connectivity in Latin America Th

Bitdeer Announces New 4nm Bitcoin Mining Chip SEAL01

SINGAPORE, March 04, 2024 (GLOBE NEWSWIRE) — Bitdeer Techno

相關文章

大灣區經濟總量超13萬億

全國政協十四屆二次會議新聞發言人劉結一表示,粵港澳大灣區經濟總量超過13萬億人民幣,成為全球最具前景的增長極之一。

【特刊】政府能如何更進一步?

仍然可以採取很多措施;但實際成效仍有待觀察。社會各有各說法,意見分歧。

澳門2024年GDP預計按年增一成

澳門經濟財政司司長李偉農預計2024年澳門本地生產總值(GDP)按年實質增長率可達10.3%,恢復至2019年水平約九成。

澳門1月入境旅客量恢復至疫前水平83.5%

澳門統計暨普查局資料顯示,今年1月入境旅客按年增加一倍至2,861,609人次,恢復至2019年同期83.5%。1月錄得199,278人次國際旅客,恢復至2019年同期的66.4%。

【特刊】龍年嬰兒潮:1988 年和 2012 年(2000年除外)

2000年經濟衰退期間,圍繞龍寶寶的吉祥信念並沒有成功緩解父母對生育的擔憂。

政府公佈輕軌行車系統營運36.6億元合同判給結果

澳門政府將“輕軌東線之行車系統”判予三家實體合作經營,判給金額達澳門幣36.57億元(折合約4.6 億美元)。