Autoliv (NYSE: ALV) reported Q1 EPS of $1.66, $0.14 worse than the analyst estimate of $1.80. Revenue for the quarter came in at $2.81 billion versus the consensus estimate of $2.77 billion.

Comments from Jan Carlson, Chairman, President & CEO:

"The first quarter 2018 was a solid quarter with record sales and record gross profit. Adjusted operating margin* was in line with guidance and I am pleased that it improved year-over-year for the second consecutive quarter. Operating cash flow is seasonally lower in the 1st quarter but the quarter was also effected by unfavorable timing effects. On a full year basis, excluding separation effects, we expect operating cash flow to be on the same level as last year.

Our planned spin-off of the Electronics segment is on track with trading in Veoneer stock expected to begin early in the third quarter of 2018. The leadership positions were announced on March 22, the internal operational separation of the two organizations was achieved on April 1, and Veoneer publicly filed its Form-10 registration statement with the SEC on April 26. We also announced Investor Days to be held in Stockholm and New York in late May and early June, respectively.

As we execute on our plans for the spin-off, we remain focused on our business development. We have good momentum in Active Safety, with both stronger than expected core Active Safety sales growth and a milestone ADAS order from Geely, which includes Zenuity software. Recent events in the ADAS and AD environment are a reminder of the importance of system validations and to always focus on having safety first in mind.

The product launches in Passive Safety are generally on track and its order intake continued to be on a high level in the quarter. This and our expectation of double digit sales growth in 2018 for Passive Safety supports the journey towards the 2020 targets.

With quality as our first priority, as always, we continue to execute on our spin-off plan while staying focused on saving more lives and creating value for our stakeholders.”

For earnings history and earnings-related data on Autoliv (ALV) click here.