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CONSUMER CYCLICALS: Autoliv (ALV Baa1/BBB/NR): 2Q 24 Results

CONSUMER CYCLICALS

Disappointing results but nothing too concerning for credit investors here, with margins set to remain at multiyear highs and leverage only marginally impacted. Negative read across for the sector with the H2 recovery story questioned.

  • Revenue misses consensus by 5%, with organic growth at 0.7%, 4.7% expected. Slower OEM production (particularly in China from Western producers) is mainly behind the miss
  • Adj. EBITDA missed by 15% with margins at 11.6% vs 13.4% expected. Ongoing labour cost pressure cited and seen continuing.
  • FCF managed to beat consensus marginally, thanks to a WC release.
  • Leverage is left at 1.2x, marginally better QoQ and YoY. Consensus had 1.05x however. ALV targets 1x with a 0.5-1.5x range.
  • FY24 guidance is revised lower. It sees a global market declines around 3% from 1% previously. Organic sales growth is now forecast at 2% from 5%. Adj. operating margin seen at 9.5-10% from around 10.5%. OCF guidance is lowered $100mn to around $1.1bn.
  • Webcast 13.00 BST https://edge.media-server.com/mmc/p/eojsek8b/
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