Shares of automotive safety systems provider Autoliv (NYSE:ALV) are tanking in the pre-market session today after the company announced first-quarter numbers.
Revenue rose 17% year-over-year to $2.49 billion, outperforming expectations by $170 million. EPS at $0.90 too came in ahead of expectations by $0.01. During the quarter, Autoliv clocked a 21% organic sales growth on the back of new product introductions and higher prices.
Further, the company expects operating leverage to improve with rising production levels. For the full-year 2023, Autoliv expects organic sales growth at 15%. Adjusted operating margin is seen hovering between 8.5% and 9%. Additionally, the company expects to generate $900 million in operating cash flow.
Overall, the Street has a $99.98 consensus price target on Autoliv, pointing to an 8.8% potential upside in the stock. That’s on top of an 18.3% gain in the share price over the past year.
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