STOCKHOLM (Reuters) -- Autoliv posted a fall in third quarter earnings and lowered its outlook for 2014 sales growth, while saying it has seen positive effects on its business in the wake of recent issues with Japanese supplier Takata's airbags.
"We have seen business come our way as a consequence of this since our last quarterly report (in July)," CEO Jan Carlson told Reuters today, declining to provide further details.
Takata is at the center of a burgeoning number of recalls over airbags that could spray shrapnel at occupants. U.S. safety regulators on Wednesday expanded the number of Takata-equipped vehicles in the United States that may be affected by recalls to 7.8 million vehicles from 10 carmakers.
Autoliv, the world's biggest maker of safety equipment including airbags and seat belts, said operating profit fell to $175 million in the third quarter from $182 million a year ago.
The company pointed to slower sales than expected in China and said it now saw organic sales growth of about 5.5 percent for the full year versus its previous outlook for an expansion of more than 6 percent.
"Uncertainties around the macro environment have gradually increased throughout the year. This has resulted in a slower light vehicle production growth rate for the second half of this year, compared to what was anticipated in January," Autoliv said in a statement.
The Swedish company said the early indication was for growth in light vehicle production to remain at a slower rate into the first half of next year, adding it was closely monitoring the market and stood ready take action if needed.
Autoliv maintained guidance for an adjusted operating margin of about 9 percent this year. The margin stood at 8.5 percent in the third quarter.