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On April 21, 2009,
reported that it swung to a net loss in Q1 FY09, hurt by a double-digit decline in consolidated sales, along with increased costs related to severance and restructuring. Net loss stood at $64.10 million or $0.90 per share compared to a profit of $83.50 million or $1.11 per share in Q1 FY08. Excluding one-time items, the company lost $53.50 million or $0.75 per share. The latest quarterly consensus estimate was a loss of $0.90 per share.
Total revenue fell 49.3% to $926.70 million from $1.83 billion a year ago, due to a 9.6% drop from unfavorable currency translations. On an organic basis, sales fell 40.0% or $732.00 million, amid 45.0% decline in combined light vehicle production in Western Europe and North American. Product-wise, revenue from Airbag products shrunk 49.4% to $586.50 million from $1.16 billion, dragged down by a 42.0% dip in organic sales and an 8.0% negative impact from unfavorable currency translations, partially offset contributions from newly acquired radar business. Moreover, Seatbelt products sales plunged 49.1% to $340.20 million from $668.30 million in the year-ago quarter, on account of a 12.0% drop in revenue due to unfavorable currency translations, and a 37.0% slump in organic sales on the back of overall decline in global light vehicle production. Geographically, revenue from Europe, North America, Japan and Rest of the World slipped 52.0%, 49.0%, 57.0%, and 32.0%, to $499.00 million, $204.00 million, 85.00 million, and $139.00 million, respectively.
Autoliv paid a quarterly dividend to $0.21 per share for the quarter ended March 31, 2009.
Going forward to Q2 FY09, ALV expects its consolidated net sales to fall in the range of 40.0% to 45.0%, with organic sales declining by more than 30.0%.