Automotive safety systems manufacturer Autoliv Inc. reported a first-quarter net loss of $64 million primarily from a 45% drop in North American and west European light vehicle production, the company said April 21.
Net sales dropped 47% to $927 million, including an organic sales decline of 40% from the year-earlier period. The company reported an operating loss of $73 million and a negative operating margin of 7.8% before severance and other restructuring costs.
Autoliv cut its workforce by 4,000 employees during the quarter, bringing the total headcount reduction to nearly 10,000, or 23% since summer 2008.
For the second quarter of 2009, the company expects a decline in consolidated net sales of 40% to 45% with organic sales declining by more than 30% and a negative operating margin of less than 3% excluding restructuring costs and major customer defaults.