Autoliv Inc. Files Q3 2024 10-Q
Ticker: ALV · Form: 10-Q · Filed: Oct 18, 2024 · CIK: 1034670
Sentiment: neutral
Topics: 10-Q, automotive, recall, financials
TL;DR
Autoliv's Q3 10-Q is in. Expect updates on recalls and restructuring.
AI Summary
Autoliv Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates, including information related to product recalls and restructuring efforts. Specific financial figures and operational details are presented within the report.
Why It Matters
This filing provides investors with the latest financial health and operational status of Autoliv Inc., a key supplier in the automotive industry, impacting its stock performance and market perception.
Risk Assessment
Risk Level: medium — The filing mentions product defects and recalls, which can lead to significant financial and reputational risks for an automotive parts supplier.
Key Players & Entities
- AUTOLIV INC (company) — Filer
- 20240930 (date) — Period of Report
- 20241018 (date) — Filing Date
- MOTOR VEHICLE PARTS & ACCESSORIES (industry) — Standard Industrial Classification
- 3714 (industry_code) — Standard Industrial Classification
- DE (state) — State of Incorporation
- 1231 (date) — Fiscal Year End
- 1934 Act (regulation) — SEC Act
- 001-12933 (company_id) — SEC File Number
- OGDEN (city) — Business Address City
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240930, meaning the filing covers the period ending September 30, 2024.
When was this 10-Q filed with the SEC?
The filing date is 20241018.
What is Autoliv Inc.'s Standard Industrial Classification code?
Autoliv Inc.'s SIC code is 3714, categorized under MOTOR VEHICLE PARTS & ACCESSORIES.
Does the filing mention any specific product recalls?
Yes, the filing references 'alv:ZfInflatorRecallMember', indicating a recall related to ZF inflators.
What is Autoliv Inc.'s state of incorporation?
Autoliv Inc. is incorporated in Delaware (DE).
Filing Stats: 4,570 words · 18 min read · ~15 pages · Grade level 16.3 · Accepted 2024-10-18 09:23:00
Key Financial Figures
- $1.00 — ch registered Common Stock (par value $1.00 per share) ALV New York Stock Excha
Filing Documents
- alv-20240930.htm (10-Q) — 2423KB
- alv-ex10_1.htm (EX-10.1) — 1398KB
- alv-ex10_2.htm (EX-10.2) — 339KB
- alv-ex31_1.htm (EX-31.1) — 15KB
- alv-ex31_2.htm (EX-31.2) — 15KB
- alv-ex32_1.htm (EX-32.1) — 8KB
- alv-ex32_2.htm (EX-32.2) — 8KB
- 0000950170-24-115455.txt ( ) — 9096KB
- alv-20240930.xsd (EX-101.SCH) — 700KB
- alv-20240930_htm.xml (XML) — 1170KB
FORWARD-LOOKING STATEMENTS
FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains statements that are not historical facts but rather forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those that address activities, events or developments that Autoliv, Inc. ("Autoliv," the "Company" or "we") or its management believes or anticipates may occur in the future. All forward-looking statements are based upon our current expectations, various assumptions and/or data available from third parties. Our expectations and assumptions are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that such forward-looking statements will materialize or prove to be correct as forward-looking statements are inherently subject to known and unknown risks, uncertainties and other factors which may cause actual future results, performance or achievements to differ materially from the future results, performance or achievements expressed in or implied by such forward-looking statements. In some cases, you can identify these statements by forward-looking words such as "estimates," "expects," "anticipates," "projects," "plans," "intends," "believes," "may," "likely," "might," "would," "should," "could," or the negative of these terms and other comparable terminology, although not all forward-looking statements contain such words. Because these forward-looking statements involve risks and uncertainties, the outcome could differ materially from those set out in the forward-looking statements for a variety of reasons, including without limitation: general economic conditions, including inflation; changes in light vehicle production; fluctuation in vehicle production schedules for which the Company is a supplier; global supply chain disruptions, including port, transportation and distribution delays or interruptions; supply chain disruptions and componen
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION 4
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS 4 1. Basis of Presentation 10 2. New Accounting Standards 11 3. Fair Value Measurements 12 4. Income Taxes 15 5. Inventories 15 6. Restructuring 16 7. Product-Related Liabilities 16 8. Retirement Plans 17 9. Contingent Liabilities 18 10. Stock Incentive Plan 20 11. Earnings Per Share 20 12. Revenue Disaggregation 20 13. Subsequent Events 21
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 22
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 36
CONTROLS AND PROCEDURES
ITEM 4. CONTROLS AND PROCEDURES 36
- OTHER INFORMATION
PART II - OTHER INFORMATION 37
LEGAL PROCEEDINGS
ITEM 1. LEGAL PROCEEDINGS 37
RISK FACTORS
ITEM 1A. RISK FACTORS 37
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 37
DEFAULTS UPON SENIOR SECURITIES
ITEM 3. DEFAULTS UPON SENIOR SECURITIES 37
MINE SAFETY DISCLOSURES
ITEM 4. MINE SAFETY DISCLOSURES 37
OTHER INFORMATION
ITEM 5. OTHER INFORMATION 37
EXHIBITS
ITEM 6. EXHIBITS 38 3
- FINANCI AL INFORMATION
PART I - FINANCI AL INFORMATION
FINANCI AL STATEMENTS
ITEM 1. FINANCI AL STATEMENTS CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (Dollars in millions, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net sales $ 2,555 $ 2,596 $ 7,774 $ 7,724 Cost of sales ( 2,095 ) ( 2,131 ) ( 6,398 ) ( 6,432 ) Gross profit 459 465 1,377 1,291 Selling, general and administrative expenses ( 129 ) ( 119 ) ( 399 ) ( 380 ) Research, development and engineering expenses, net ( 96 ) ( 107 ) ( 325 ) ( 343 ) Other income (expense), net ( 9 ) ( 8 ) ( 27 ) ( 115 ) Operating income 226 232 626 453 Income from equity method investment 2 1 5 4 Interest income 3 3 10 10 Interest expense ( 27 ) ( 24 ) ( 81 ) ( 68 ) Other non-operating items, net ( 7 ) ( 11 ) ( 7 ) ( 6 ) Income before income taxes 197 201 554 393 Income tax expense ( 58 ) ( 67 ) ( 149 ) ( 131 ) Net income 1 ) 139 134 404 262 Less: Net income attributable to non-controlling interest 0 1 1 1 Net income attributable to controlling interest $ 138 $ 134 $ 403 $ 261 Net earnings per share – basic $ 1.75 $ 1.58 $ 4.99 $ 3.05 Net earnings per share – diluted $ 1.74 $ 1.57 $ 4.98 $ 3.04 Weighted average number of shares outstanding, net of treasury shares (in millions) 79.2 84.9 80.7 85.5 Weighted average number of shares outstanding, assuming dilution and net of treasury shares (in millions) 79.3 85.0 80.9 85.7 Cash dividend per share – declared $ 0.68 $ 0.66 $ 2.04 $ 1.98 Cash dividend per share – paid $ 0.68 $ 0.66 $ 2.04 $ 1.98 1) For the three months periods ended September 30, 2024 and 2023, the aggregate transaction gain (loss) included in net income for the period were a loss of $ 5 million