Autoliv to Undertake HUF 11 Billion Expansion in Hungary
Feb 23 15
Autoliv is spending HUF 11 billion on an expansion at its base in Sopronkovesd (W Hungary). Autoliv will build a 15,000 sqm seatbelt plant at the base by 2018, creating 700 jobs. The project could double the base's annual seatbelt capacity to 40m units. The unit operates out of a 19,000 sqm plant at present. Autoliv won a HUF 1.5 billion state subsidy for the investment. The company has committed to boosting the share of local suppliers from 5% to 20% for feedstock and from 30% to 50% for machinery.
Autoliv, Inc. Announces Executive Appointments; Declares Dividend for the Second Quarter of 2015, Payable on June 4, 2015
Feb 16 15
Autoliv, Inc. announced that it has elected Ms. Aicha Evans and Mr. David E. Kepler as new members of its board of directors. Ms. Evans is Corporate Vice President of the Platform Engineering Group and General Manager of the Wireless Platform Research and Development Group at Intel Corporation. In her role Evans is responsible for driving platform engineering for multi-comm products and platforms as well as emerging wireless technologies. Prior to this role, she held the same title within the Mobile and Communications Group. Since joining Intel in 2006 she has held a number of management positions responsible for Intel's wireless efforts, including managing WiFi engineering and product lines. Prior to Intel, Evans spent 10 years in various engineering management positions at Rockwell Semiconductors, Conexant and Skyworks. Mr. Kepler retired in late 2014 from the role as Executive Vice President, Chief Sustainability Officer and Chief Information Officer of The Dow Chemical Company. As CSO, Kepler was responsible for Environment, Health and Safety and leading the company's commitment to sustainability. As CIO, a role he held for fifteen years, Kepler was in the forefront of information technology deployment in the industry. He is a recognized leader in areas such as cyber security, risk management, value delivery, and provides advice and guidance across industry. Kepler was appointed to the U.S. National Infrastructure Advisory Council that advises the U.S. President on issues related to the security and resilience of the Nationâ s critical infrastructure sectors and their functional systems, physical assets and cyber networks. He serves on the Board of Trustees of the University of California, Berkeley Foundation. He is a member of the board of directors of the Teradata Corporation and the TD Bank Group.
The Board of Directors further declared a quarterly dividend of 56 cents per share for the second quarter 2015, an increase of 2 cents per share from the previous level. The dividend will be payable on June 4, 2015 to the company shareholders of record on the close of business on May 20. The ex-date will be May 18 for holders of the common stock listed on the New York Stock Exchange and May 19 for holders of Swedish Depository Receipts listed on the NASDAQ OMX, Stockholm.
Autoliv, Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Earnings Guidance for the First Quarter and Full Year of 2015
Jan 29 15
Autoliv, Inc. reported consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, net sales were $2,353.7 million, compared to $2,351.9 million for the last year. Operating income was $216.7 million, compared to $202.7 million for the last year or 9.2% of sales, mainly due to the higher gross margin combined with a decrease in capacity alignment costs. Adjusted operating income was $237.2 million, compared to $236.3 million for the last year. Income before taxes was $203.3 million, compared to $194.6 million for the last year. Net income was $148.0 million, compared to $100.5 million for the last year. Earnings per share, were $1.65, compared to $1.04 for the last year. Net cash provided by operating activities was $229.3 million, compared to $299.2 million for the last year. Capital expenditures were $127.9 million, compared to $111.9 million for the last year. Return on total equity was 16.6%, compared to 10.0% for the last year. Adjusted net income was $162.8 million, compared to $163.4 million for the last year. Adjusted earnings per share, diluted were $1.81, compared to $1.70 for the last year. Adjusted income before taxes was $223.8 million, compared to $228.2 million for the last year. Income before taxes increased by $9 million from higher operating income partly offset by higher interest expense. Earnings per share (EPS) assuming dilution was $1.65 compared to $1.04 for the same period one year ago. EPS assuming dilution was positively affected by the lower number of shares outstanding by 10 cents, lower capacity alignment and legal costs by 9 cents and higher operating profit by 6 cents. Sales were driven by strong organic sales growth in Active Safety, premium brands in Europe and Japanese OEMs in North America and also include an unfavorable currency translation effect of more than $100 million.
For the year, net sales were $9,240.5 million, compared to $8,803.4 million for the last year. Operating income was $722.6 million, compared to $761.4 million for the last year. Adjusted operating income was $842.4 million, compared to $808.4 million for the last year. Income before income taxes was $667.0 million, compared to $734.0 million for the last year. Net income was $469.0 million, compared to $489.9 million for the last year. Earnings per share, diluted were $5.06, compared to $5.07 million for the last year. Net cash provided by operating activities was $712.7 million, compared to $837.9 million for the last year. Capital expenditures were $453.4 million, compared to $379.3 million for the last year. Net debt as at December 31, 2014 was $61.8 million. Return on total equity was 12.3%, compared to 12.5% for the last year. Adjusted net income was $469.0 million, compared to $562.0 million for the last year. Adjusted earnings per share, diluted were $5.93, compared to $5.82 million for the last year. Adjusted income before taxes was $786.8 million, compared to $781.0 million for the last year. Income before taxes decreased by $67 million mainly due to higher interest expense from the financing completed in April 2014. assuming dilution was negatively affected by capacity alignments and legal costs by 53 cents, higher interest expense by 23 cents and higher underlying tax rate by 16 cents.
For the first quarter of 2015, mainly based on customer call-offs it expects organic sales to grow by around 3% compared to the same quarter of 2014. Currency translations are expected to have a more than 7% negative effect, resulting in a consolidated sales decline of close to 5%. The adjusted operating margin, excluding costs for capacity alignments and antitrust matters, is expected to be around 8%.
For the year, the company reported expectation for organic sales growth of more than 6%. Consolidated sales are expected to grow by less than 1% as effects from currency translations are expected to be negative by almost 6%. The expectation for the adjusted operating margin is around 9.5%, excluding costs for capacity alignments and antitrust matters. The projected effective tax rate for the full year 2015 is currently expected to be around 31%, excluding any discrete items. Operational cash flow is expected to remain strong and to be around $0.8 billion excluding any discrete items. Capital expenditures in support of growth strategy are expected to be 5%-6% of sales. Excluding capital expenditures for the inflator replacement business capital expenditures would have been expected to be 4%-5% of sales.