Autoliv’s fourth-quarter revenue rises 34% as car production recovers from pandemic blow

STOCKHOLM — Sweden’s Autoliv claimed higher than anticipated quarterly earnings on Tuesday, boosted by a restoration in car or truck manufacturing pursuing lockdowns to struggle the spread of the coronavirus pandemic.

Autoliv, the world’s biggest producer of airbags and seatbelts, claimed it expects all around 20 percent natural income progress and an adjusted operating margin of about 10 percent in 2021.

“Though the pandemic is not nevertheless at the rear of us, I am self-confident that our functionality in the second half of the calendar year displays that we have built a sound system to move toward our mid-time period targets,” CEO Mikael Bratt reported in a statement.

Autoliv reported a fourth-quarter working revenue of $307 million compared with a $229 million earnings in the calendar year-in the past quarter and a necessarily mean forecast of $283 million centered on a poll of analysts published by the firm.

On an altered basis, operating earnings had been $311 million, up from $242 million a calendar year earlier, the corporation explained. Quarterly like-for-like sales grew 13 p.c.

The car marketplace was thrown into turmoil final spring when the unfold of COVID-19 and associated lockdowns in a lot of international locations forced a momentary end to automobile creation across large areas of the world.

Autoliv, which built a reduction in the second quarter of 2020 even with deep expending cuts, has together with the relaxation of the marketplace viewed a gradual restoration since then.

Autoliv ranks No. 31 on the Automotive News Europe checklist of top rated 100 global suppliers, with fiscal 2019 gross sales to automakers of $8.54 billion.