Autoliv Inc. (ALV), a manufacturer of automotive safety systems, Friday reported a profit for the fourth quarter, helped by higher sales and the company's restructuring efforts. The company reported fourth-quarter net earnings of $63.5 million, compared to a loss of $37.7 million last year.
Net income attributable to controlling interest was $61.3 million, compared to a loss of $38.4 million last year. On a per share basis, net income was $0.68 in the just concluded quarter, compared to a loss of $0.55 in the year-ago quarter. In the latest period, restructuring charges reduced earnings per share by $0.71.
On a non-GAAP basis, net earnings were $127.4 million or $1.39 per share, compared to a loss of $11.5 million or $0.17 per share in last year.
On average, seven analysts polled by Thomson Reuters expected the company to report earnings of $0.80 per share. Analysts' estimates typically exclude special items.
Total net sales for the quarter increased to $1.673 billion from $1.193 billion in the prior-year quarter, with organic sales increasing 26%. Analysts had a consensus revenue estimate of $1.59 billion for the quarter.
Sales of Airbag products generated $1.099 billion, up from last year's $784.4 million. Quarterly sales of Seatbelt products rose to $575.8 million from the previous year's $408.7 million.
Including severance and other restructuring charges of $71 million, operating income for the quarter was $109.9 million, compared to an operating loss of $27.3 million in the prior year.
Operating margin before restructuring charges was 10.8%, the company's highest since the second quarter in 2000, compared to 1.1% last year.
For the full year, net income attributable to controlling interest declined to $10 million or $0.12 per share from $164.7 million or $2.28 per share in the prior year. Net sales decreased to $5.121 billion from $6.473 billion reported last year. Wall Street expected full-year earnings of $0.80 per share on revenues of $5.03 billion.
The company expects consolidated net sales to grow by more than 70% for the first quarter of 2010 and by 15%-20% for full year 2010. Analysts expect revenues of $1.32 billion for the first quarter and $5.81 billion for fiscal 2010.
Operating margin is expected to be 8.5% for the first quarter. Full-year operating margin is anticipated in line with the company's long-term target range of 8-9%. ALV closed Thursday's regular trade at $40.91, down from the previous close of $41.34, on 1.19 million shares.
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