- Autoliv Inc (NYSE:ALV) reported second-quarter sales growth of 93% year-on-year to $2.02 billion, missing the analyst consensus of $2.12 billion.
- Lower than anticipated LVP and the material changes in customer call offs with short notice, negatively impacted quarterly sales and profitability.
- Adjusted operating margin for the quarter was 8.2%. Adjusted operating income was $166 million, versus a loss of $(172) million last year.
- Operating cash flow totaled $63 million for the quarter.
- Adjusted return on capital employed was 17.8%.
- Adjusted EPS of $1.20 missed the analyst consensus of $1.43.
- Outlook: Autoliv now sees FY21 net sales growth in the range of 20% – 22%, versus the prior outlook of 23% growth. It now sees organic sales growth of 16%-18%, down from the prior 20% growth forecast.
- The company expects an adjusted operating margin of 9%-9.5%, down from the previously expected 10%.
- It still expects supply disruptions to impact LVP negatively in the third quarter with some improvement in the fourth quarter.
- Price action: ALV shares are trading lower by 5.56% at $89.70 during the premarket session Friday.
Pardes Biosciences Announces Commencement Of Phase 2 Trial Evaluating PBI-0451 For The Treatment Of SARS-CoV-2 Infections
Phase 2 trial expected to enroll 210 patients at approximately 75 sites to evaluate antiviral activity, safety, and efficacy of PBI-0451 versus placebo
Interim data from Phase 2 anticipated in Q1 2023
