STOCKHOLM, July 19 (Reuters) - Sweden’s Autoliv cut its 2019 organic sales growth outlook on Friday, as the car safety equipment maker became the latest casualty of a deteriorating auto industry to report a quarterly earnings miss.
The world’s largest maker of airbags and seatbelts forecast organic sales growth of 1% to 3% for 2019 and an adjusted operating margin of 9.0% to 9.5%, compared to its previous expectations of around 5% and about 10.5% respectively.
Autoliv, which competes with Joyson Safety Systems and ZF TRW, reported a fall in second-quarter operating profit to $170 million from $229 million a year ago. Analysts on an average had expected $199 million according to Refinitiv data. (Reporting by Esha Vaish in Stockholm; editing by Johannes Hellstrom)