STOCKHOLM -- Sweden's Autoliv, the world's largest producer of airbags and seat belts, reported higher than expected quarterly earnings on Friday as it returned to profit in the wake of a plunge in car production due to the pandemic.
Autoliv reported a third-quarter operating profit of $175 million compared with a $154 million profit in the year-ago quarter and a mean forecast of $163 million based on a poll of analysts published by the company.
On an adjusted basis, operating earnings were $206 million in the quarter, up from $183 million a year-ago.
The rival of Joyson Safety Systems also said that for the full year it expected to further outperform global light vehicle production during a "very busy" fourth quarter for order intake.
"The worst demand decline on record in the second quarter was followed by a faster-than-expected recovery in the third quarter, with its challenges of managing the supply chain," CEO Mikael Bratt said in the statement.