STOCKHOLM -- Swedish supplier Autoliv reported lower quarterly margins and operating earnings and said it expected like-for-like sales to be virtually flat in the final quarter of the year.
Autoliv, the world's largest maker of airbags and seatbelts, said its third-quarter operating profit fell 17 percent to $159 million from $191 million in the year-ago quarter. Operating margins fell 1.5 percentage points to 6.3 percent.
Revenue, however, grew 1.6 percent to $2.5 billion.
“The third quarter turned out essentially as we had expected," CEO Jan Carlson said in a statement. "We are in the midst of an intense period of preparing for our future growth, while delivering at the high end of our guided margin range for the quarter. These preparations continues into the fourth quarter."
The company said one-off costs in the quarter totaled $37.6 million compared with $7.7 million seen by analysts.
The supplier said last month it aims to split into two companies focusing on passive safety equipment and electronics.
Automotive News contributed to this report.