Autoliv Q3 falls short, says Europe weak, China slower

STOCKHOLM Tue Oct 23, 2012 6:13am EDT

STOCKHOLM Oct 23 (Reuters) - Car safety products maker Autoliv reported a bigger than expected drop in third-quarter earnings on Tuesday and cut its full-year sales and profitability forecasts due to a weak European market and slower Chinese growth.

Quarterly pretax profit for the world's biggest maker of seatbelts, airbags and other auto safety equipment was $175 million, compared with the $182 million forecast in a Reuters poll and $193 million in the same period last year.

The group reduced its forecasts for sales and profitability for the fourth quarter and the full year.

It said sales were being hit by a fall in European light vehicle production and slower than expected growth in China. It said the Chinese market was also being hit by China-Japan tensions over a group of small islands.

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