Autoliv Registers 15.8% Sales Decline In Q4, Notes Margin Pressure

• Autoliv Inc (NYSE:ALV) reported a fourth-quarter FY21 sales decline of 15.8% year-on-year, to $2.119 billion, missing the analyst consensus of $2.17 billion.
• The gross profit declined 26.7% Y/Y to $368 million and the gross margin contracted by 260 basis points to 17.4%.
• The operating margin contracted 400 basis points to 8.2%, and operating income for the quarter fell 43.2% to $174 million.
• Adjusted EPS of $1.30 beat the analyst consensus of $1.18.
• "The fourth quarter of 2021 remained challenging with indirect effects from COVID-19 continuing to impact our business," said CEO Mikael Bratt.
• The company held $969 million in cash and equivalents as of December 31, 2021. Operating cash flow for FY21 totaled $754 million.
• Outlook: Autoliv sees FY22 organic revenue growth of around 20% and $950 million in operating cash flow.
• Price Action: ALV shares are trading lower by 1.68% at $94.31 in premarket on the last check Friday.