AutoLiv published the Financial Report for January – March 2020. Financial highlights show an $1,846m net sales, 13% organic sales decline and an 7.3% operating margin.
Organic sales decline was 11% better than global light vehicle production, with all regions outperforming LVP. Order intake share remained high and supportive of prolonged sales outperformance.
Gross margin and adjusted operating margin were on similar levels as last year despite the global LVP decline, supported by no costs related to social unrest in Matamoros, Mexico, in 2020, cost reductions in R,D&E, S,G&A, production overhead and raw materials.
Operating cash flow and free cash flow were above Q1 2019 levels.
AutoLiv secured a strong liquidity position by drawing down on Revolving Credit Facility. Liquidity further supported by reducing or suspending non-critical expenses and investments and by cancelling the dividend after the quarter closed.
Autoliv works in in automotive safety and sells to all major car manufacturers globally. The company has operations in 27 countries, including Poland, Hungary and Romania.