-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:
Autoliv (ALV) posted Q1 adjusted EPS of $2.05 vs. $2.15 (-5%), well ahead of the $1.84 consensus. Net sales rose 6.8% to $2.75B ($140M above consensus) and gross margin expanded 50 bps to 19.1% (180 bps above consensus). The release marked ALV's sixth consecutive earnings beat. ALV's net sales growth was due to organic sales growth of 0.8%, which exceeded global light vehicle production growth of -3.4% in Q1 by 420 bps. Organic growth was particularly strong in Asia, with Asia (ex. China) +11% and China +4.9%. ALV maintained prior full-year guidance. Shares are surging 10% in pre-market trading. ALV is the first major auto supplier to report Q1 earnings and its massive beat helps ease widespread demand-related concerns which have weighed on equity performance so far this year, in our view. The strength of ALV's Q1 Asian sales was particularly notable and due to 38% organic sales growth in India. ALV continues to execute with organic growth that exceeds global light vehicle production rates by a wide margin.