STOCKHOLM -- Autoliv, continuing to generate new business in the wake of the Takata airbag recall crisis, reported a bigger than expected rise in first-quarter earnings and raised its forecast for like-for-like sales this year while affirming its margin outlook.
Autoliv, which is based in Sweden but reports in dollars, said in a statement that operating income rose to $205 million from a year-ago $80 million, beating a mean forecast of $196 million in a Reuters poll of analysts.
The company said it saw full-year organic sales growing more than 7 percent this year compared to its previous outlook of more than 5 percent.
"Autoliv had a solid first quarter," CEO Jan Carlson said in a statement. "Sales growth and operating margin both exceeded our expectations from the beginning of the quarter, operating cash flow was strong and our adjusted earnings per share grew by 17 percent."
Autoliv has been landing considerable new business from automakers seeking replacement airbag inflators for their defective Takata units. The supplier also is landing new business from automakers that have parted ways with Takata.
"We continue to experience solid growth in our business related to the current recall situation in the airbag market," the company said in its earnings report. "This relates both to the sales of replacement inflators which is now higher than previously expected and the sustainable business we are winning."
Reuters and Philip Nussel contributed to this report.