Benzinga | Jul 16, 2021 07:33AM EDT

Autoliv Q2 Results Miss Estimates, Cuts 2021 Outlook

* Autoliv Inc (NYSE:ALV) reported second-quarter sales growth of 93% year-on-year to $2.02 billion, missing the analyst consensus of $2.12 billion.

* Lower than anticipated LVP and the material changes in customer call offs with short notice, negatively impacted quarterly sales and profitability.

* Adjusted operating margin for the quarter was 8.2%. Adjusted operating income was $166 million, versus a loss of $(172) million last year.

* Operating cash flow totaled $63 million for the quarter.

* Adjusted return on capital employed was 17.8%.

* Adjusted EPS of $1.20 missed the analyst consensus of $1.43.

* Outlook: Autoliv now sees FY21 net sales growth in the range of 20% - 22%, versus the prior outlook of 23% growth. It now sees organic sales growth of 16%-18%, down from the prior 20% growth forecast.

* The company expects an adjusted operating margin of 9%-9.5%, down from the previously expected 10%.

* It still expects supply disruptions to impact LVP negatively in the third quarter with some improvement in the fourth quarter.

* Price action: ALV shares are trading lower by 5.56% at $89.70 during the premarket session Friday.