Autoliv Inc., which has several manufacturing facilities in northern Utah, on Thursday reported an increase in earnings for the quarter ended Dec. 31, 2001, but a sharp drop in full-year profits.
The Swedish car parts maker said lower vehicle production reduced its sales by 3 percent to $970 million in the quarter, when compared to the same quarter of 2000. It reported operating income rose 25 percent to $61 million, earnings before taxes by 37 percent to $49 million and net income by 36 percent to $27 million. Earnings per share improved to 27 cents from 20 cents in the same quarter of 2000.
According to a Reuters report, the company posted full-year earnings before taxes of $182.1 million, down from $291 million in 2000. It said it expected earnings to improve in the year ahead but did not say by how much.
"Most of the (earnings) improvement the company expects during 2002 is based on the assumption that the global economy will start its recovery in the U.S. in the second half of the year," Autoliv said in a statement.
The company employs more than 4,000 people in northern Utah.