February 21, 2020 / 10:30 AM / a month ago

Autoliv says 2020 guidance still holds amid coronavirus impact

STOCKHOLM, Feb 21 (Reuters) - Sweden’s Autoliv, the world’s biggest maker of airbags and seatbelts, on Friday affirmed its full-year growth and margin forecasts in spite of the coronavirus outbreak in China, which has caused major disruptions to businesses across the country.

Chief Executive Mikael Bratt told Reuters that the forecast so far remained intact in spite of the situation in China, where industries have been forced into widespread shutdowns, but are now gradually resuming production.

“It is only a few weeks that this has impacted so far, so what happens ahead will determine the full-year picture,” Bratt said, adding there was currently no reason to change the 2020 guidance.

“It was one week of additional closure for us, and one week is not impossible to catch up, and since then we have restarted production, albeit at a lower capacity utilisation, but things are moving in the right direction.”

Autoliv has 15 plants in China and more than 8,000 staff. The group is currently forecasting organic sales growth of 3-4% in 2020, with an adjusted operating margin of at least 9.5% (Reporting by Johannes Hellstrom; Editing by Simon Johnson)

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