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Oct. 22, 2021, 6:19 a.m. EDT

Autoliv stock falls after profit falls more than 50% to miss expectations as supply shortages weighed on LVP

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By Tomi Kilgore

The U.S.-listed shares of Autoliv Inc. /zigman2/quotes/207149618/composite ALV -0.89% fell 0.6% in premarket trading Friday, after the Sweden-based auto safety systems maker reported third-quarter adjusted profit that was half of last year's and missed expectations, as shortages of semiconductor supplies and other components led to a 20% drop in light vehicle production (LVP). Net income fell to $60 million, or 68 cents a share, from $99 million, or $1.12 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share dropped 50.7%, to 73 cents from $1.48, to miss the FactSet consensus of 81 cents. Sales declined 9.3% to $1.85 billion, just below the FactSet consensus of $1.87 billion. For 2021, the company expects sales growth of "around 11%," while the current FactSet consensus of $8.41 billion implies 13% growth. "The decline in LVP, unpredictable changes in customer call-offs and higher raw material costs resulted in reduced profitability despite significant cost control measures, including headcount reductions," said Chief Executive Mikael Bratt. The stock has gained 3.4% year to date through Thursday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.18% has climbed 21.3%.

/zigman2/quotes/207149618/composite
US : U.S.: NYSE
$ 95.53
-0.86 -0.89%
Volume: 756,328
Dec. 1, 2021 4:00p
P/E Ratio
16.43
Dividend Yield
2.68%
Market Cap
$8.43 billion
Rev. per Employee
$122,089
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/zigman2/quotes/210599714/realtime
US : S&P US
4,513.04
-53.96 -1.18%
Volume: 3.04B
Dec. 1, 2021 5:04p
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