Autoliv
Autoliv Inc. is a Delaware-incorporated company headquartered in Stockholm, Sweden, that develops, manufactures, and supplies passive safety systems to the global automotive industry.[1] Founded in 1953 by Lennart Lindblad as Lindblads Autoservice AB in Vårgårda, Sweden, Autoliv pioneered key innovations including the first two-point static seatbelt in 1956 and has since become the worldwide leader in automotive safety systems, holding a 44% market share in passive safety products such as airbags, seatbelts, and steering wheels.[2][3]
The company operates across 25 countries with approximately 65,000 employees, 13 technical centers, and 20 test tracks, generating $10.4 billion in net sales in 2024 while attributing its systems to saving 37,000 lives and preventing 600,000 injuries that year.[3] Autoliv, listed on the New York Stock Exchange (ALV) and Nasdaq Stockholm (ALIVsdb), continues to advance safety technologies amid evolving mobility demands, including commercial vehicles and electronics integration.[1][2]
Company Overview
Founding and Corporate Structure
Autoliv's origins trace to 1953, when brothers Lennart and Stig Lindblad founded Lindblads Autoservice AB in Vårgårda, Sweden, initially as a small automotive repair and service business.[4] The company shifted focus to vehicle safety in 1956 by developing its first three-point seatbelt, marking an early innovation in passive safety systems.[2] Over subsequent decades, it expanded through acquisitions and mergers, including integration into Electrolux as a subsidiary in the 1980s, before evolving into Autoliv AB as a dedicated automotive safety entity.[2] The modern Autoliv Inc. was established in 1997 through the merger of Sweden-based Autoliv AB and the automotive safety products division of U.S.-based Morton International Inc., creating a global leader in passive safety technologies.[2] This combination leveraged Autoliv AB's European manufacturing expertise with Morton's U.S. airbag and inflator production capabilities, resulting in a unified entity with diversified operations across seatbelts, airbags, and steering wheels.[5] Autoliv Inc. is incorporated in the state of Delaware, United States, as a publicly traded corporation listed on the New York Stock Exchange under the ticker symbol ALV, with operational headquarters in Stockholm, Sweden.[6] Ownership is dominated by institutional investors, holding approximately 63% of shares as of mid-2025, followed by about 17% owned by the general public and minimal insider stakes; major shareholders include Cevian Capital and BlackRock.[7] The company maintains a board of twelve directors, eleven of whom are independent, overseen by President and CEO Mikael Bratt since 2018, adhering to U.S. Securities and Exchange Commission regulations alongside Swedish corporate governance standards.[6]Leadership and Governance
Autoliv's executive leadership is headed by President and Chief Executive Officer Mikael Bratt, who has held the position since June 1, 2018, following his prior role as President of the company's Passive Safety business unit; Bratt previously served in senior capacities at the Volvo Group, including as Executive Vice President of Group Trucks Operations and Chief Financial Officer, and holds a degree in business administration from the University of Gothenburg.[8] The executive team comprises specialists in core functions, including Fredrik Westin as Executive Vice President and Chief Financial Officer since May 2020, with prior CFO experience at Sandvik Mining and Johnson Controls; Anthony Nellis as Executive Vice President, Legal Affairs, General Counsel, and Secretary since June 2018; Petra Albuschus as Executive Vice President, Human Resources and Sustainability since November 2023; Fabien Dumont as Chief Technology Officer since September 2024; and regional presidents such as Kevin Fox for Autoliv Americas since June 2020 and Magnus Jarlegren for Autoliv Europe since June 2023.[8] The Board of Directors, responsible for strategic oversight and policy implementation, is chaired by Jan Carlson since May 2014; Carlson, a director since 2007, previously served as CEO of both Autoliv and its spin-off Veoneer, holding an M.Sc. in physics and electrical engineering from the University of Linköping.[9] The 12-member board includes Bratt as the sole non-independent director, with the remaining 11 independent members drawn from automotive, engineering, finance, and technology backgrounds, such as Leif Johansson (former CEO of Volvo Group), Frédéric Lissalde (former CEO of BorgWarner), and recent appointee Adriana Karaboutis (former CIO of National Grid), who joined on September 13, 2024.[9] Gustav Lundgren, a partner at Cevian Capital, was appointed in 2022.[9] Autoliv's governance framework emphasizes long-term value creation through robust internal controls, risk management, and transparency, primarily adhering to U.S. federal and state laws, Delaware General Corporation Law (as a Delaware-incorporated entity), Securities and Exchange Commission regulations, and New York Stock Exchange listing standards, while also accounting for its Swedish Depository Receipts traded on Nasdaq Stockholm.[6] The board maintains three standing committees to support these objectives: the Audit Risk and Compliance Committee, chaired by Thaddeus Senko and focused on financial reporting, internal audits, compliance, and enterprise risks; the Leadership Development and Compensation Committee, chaired by Lissalde and tasked with executive pay structures, succession planning, and related disclosures; and the Nominating and Corporate Governance Committee, chaired by Johansson and responsible for director recommendations, board composition, and governance policy development.[10] Corporate governance guidelines, reviewed annually, promote board independence, ethical standards, and alignment with shareholder interests, with policies publicly available including a code of conduct and sustainability oversight integrated into board responsibilities.[6]Market Position and Competitors
Autoliv maintains a dominant position in the global automotive passive safety systems market, achieving approximately 44% market share in components and systems as of December 2024, up from 27% in 1997.[11][12] This leadership stems from its scale in manufacturing airbags, seatbelts, and steering wheels, with specific shares of 44% in airbags, 45% in seatbelts, and 37% in steering wheels reported for recent years.[13] The company's 2024 net sales reached $10.4 billion, reflecting its role as a primary Tier 1 supplier to major original equipment manufacturers (OEMs) worldwide, particularly in high-income markets like Western Europe, North America, and Japan.[14][15] Key competitors in the airbag and seatbelt segments include Joyson Safety Systems (formerly Key Safety Systems, which acquired Takata's assets), ZF Friedrichshafen AG, Toyoda Gosei Co., Ltd., Hyundai Mobis Co., Ltd., and Robert Bosch GmbH.[16][17] These firms collectively challenge Autoliv's dominance, with ZF and Bosch focusing on integrated safety solutions that blend passive and active systems, while Joyson emphasizes cost-competitive inflators and restraints post its consolidation of bankrupt Takata operations.[18][19] Autoliv's edge lies in its vertical integration and R&D scale, though competitors like Hyundai Mobis gain traction in Asia through OEM affiliations.[20] Robert Bosch, Autoliv, and ZF together command about 45% of the broader passive safety market, underscoring an oligopolistic structure where innovation in lighter materials and electronics drives differentiation.[21]Historical Development
Origins and Early Innovations (1950s–1980s)
Autoliv's origins trace to 1953, when Lennart Lindblad established Lindblads Autoservice AB in Vårgårda, Sweden, initially as a small automotive repair shop focused on cars and tractors.[2] By 1956, the company pivoted to safety equipment, developing and manufacturing the first two-point static seatbelt, which marked its entry as a pioneer in automotive restraints.[2] [22] This innovation addressed the growing recognition of occupant protection needs amid rising vehicle adoption in post-war Europe. In 1959, expansion began with the establishment of the first subsidiary, Gebrüder Lindblad, in Germany, facilitating entry into continental markets.[2] The company renamed itself Autoliv AB in 1968, reflecting its specialization in automotive living safety systems.[2] During the late 1960s, Autoliv advanced seatbelt technology with retractor mechanisms, including integration of the Essem retractor originally developed by Gränges Weda AB in 1967, enhancing usability through automatic winding.[2] [22] Concurrently, preliminary work on airbag inflators commenced, alongside initial U.S. airbag testing by the late 1970s, anticipating regulatory shifts toward supplemental restraints.[22] Acquisitions drove growth through the 1970s and 1980s. In 1975, Gränges Weda AB acquired Autoliv, bolstering its retractor expertise.[2] The 1979 purchase of Evert Larsson Industri AB, a key Volvo seatbelt supplier, strengthened domestic production.[2] By 1980, following Electrolux's acquisition of Gränges AB, Autoliv became an Electrolux subsidiary, renamed Electrolux Autoliv AB in 1984.[2] [22] Further expansions included a 49% stake in Spain's BKI in 1983, full acquisition of Klippan in 1985, and Britax-Kolb in 1988, diversifying product lines and geographic reach.[2] In response to U.S. passive restraint mandates, Autoliv developed automatic seatbelts by the late 1980s, incorporating reversible pretensioners for pre-crash tightening.[22] These steps solidified Autoliv's position in passive safety amid evolving standards.Formation of Modern Autoliv (1990s)
In the early 1990s, Autoliv AB, a Swedish manufacturer specializing in seatbelts and related safety systems, expanded its global footprint through strategic joint ventures and acquisitions. In 1991, the company established joint ventures in India, Mexico, and South Africa to localize production and penetrate emerging markets.[2] This was followed by the 1992 acquisition of Autoflug Fahrszeugtechnik in Germany, enhancing its European capabilities in vehicle components, and a joint venture in Taiwan, China.[2] By 1993, Autoliv AB formed another joint venture in Turkey, further diversifying its supply chain amid rising global demand for passive safety technologies.[2] A pivotal step toward modernization occurred in 1994 when Electrolux, the majority owner, sold shares via a public offering, leading to Autoliv AB's listing on the Stockholm Stock Exchange.[2] [5] This infusion of capital supported ongoing innovations, such as Volvo's introduction of a side airbag that year, which demonstrated reduced thorax injuries in side-impact collisions.[2] The formation of modern Autoliv culminated in the June 9, 1997, merger between Autoliv AB—Europe's preeminent automotive safety firm with expertise in seatbelts—and Morton Automotive Safety Products (Morton ASP), the North American and Asian leader in airbag manufacturing since starting production in 1980.[2] [5] The merger, driven by Morton International's strategic divestiture to refocus on core chemicals and salt businesses, combined complementary strengths to create Autoliv Inc., the world's largest airbag producer at the time, with annual sales of approximately SEK 20 billion (about $3 billion) and around 15,000 employees.[5] Autoliv Inc.'s common stock began trading on the New York Stock Exchange shortly thereafter, marking its emergence as a unified global entity headquartered in Sweden with operations spanning continents.[2]Global Expansion and 21st-Century Milestones (2000s–Present)
In the early 2000s, Autoliv pursued aggressive global expansion through targeted acquisitions and joint ventures, particularly in Asia to capitalize on growing automotive markets. In 2000, the company acquired Izumi Industries in Japan, NSK's seatbelt operations across North America and Asia, and OEA Inc., while initiating inflator production in Japan to strengthen its supply chain in high-volume regions.[2] By 2001, Autoliv formed the Autoliv Mando Corporation joint venture in South Korea, enhancing its presence in the Asian electronics and restraint systems sector.[2] These moves were complemented by the 2002 acquisition of Visteon Restraint Electronics and the opening of China's first airbag production plant, marking a pivotal entry into the rapidly expanding Chinese market amid surging vehicle production.[2] Further consolidation followed, with Autoliv acquiring assets from Nippon Steering Industries in 2003 and the remaining shares of its Livbag joint venture, alongside full ownership of Autoliv Shanghai in 2004 and a new webbing plant in Romania to support European growth.[2] In 2007, it bought out remaining stakes in joint ventures in South Korea, India, and northern China, solidifying control over key manufacturing hubs.[2] The decade closed with the 2008 acquisition of Tyco Electronics' radar business for active safety integration and the 2009–2010 purchases of Delphi's occupant restraint operations across Asia, North America, and Europe, which expanded Autoliv's footprint to over 80 facilities worldwide by 2010.[2] The 2010s shifted toward technological milestones and strategic restructuring amid evolving vehicle safety standards. Autoliv's Swedish depository receipts began trading on Nasdaq Stockholm in 2010, improving access to European capital markets.[2] Innovations included the 2012 launch of the environmentally friendly APG airbag inflator, which earned a PACE award, and Volvo's introduction of a pedestrian protection airbag that year.[2] By 2015, collaboration with Daimler enabled front-position side-looking radar deployment, advancing active safety detection.[2] A 2017 joint venture with Volvo Cars formed Zenuity for autonomous driving software development.[2] The era's defining event was the June 29, 2018, spin-off of its electronics segment into Veoneer Inc., allowing Autoliv to refocus on passive safety systems as a pure-play supplier.[2][23] Into the 2020s, Autoliv emphasized restraint innovations and renewed partnerships in emerging markets. In 2021, it collaborated with Nuro on safety systems for autonomous delivery vehicles, adapting passive safety to non-traditional mobility.[2] The 2022 introduction of an airbag system for motorcycles addressed two-wheeler vulnerabilities in high-growth regions like Asia.[2] By 2023, the Bernoulli Airbag was unveiled, featuring efficient inflation via Bernoulli's principle for cost-effective deployment.[2] Recent expansions include a December 2024 strategic partnership with Jiangling Motors Corporation (JMC) for innovation and global scaling from Shanghai, and an October 2025 joint venture with HSAE near Shanghai to develop advanced safety electronics, leveraging China's supply chain for both local and international production.[24][25] These initiatives have positioned Autoliv to serve over 100 million vehicles annually, maintaining leadership in passive safety amid electrification and autonomy trends.[2]Products and Technologies
Passive Safety Systems
Autoliv specializes in passive safety systems that protect vehicle occupants and vulnerable road users during collisions without requiring active intervention, encompassing restraint modules, inflation devices, and structural components. These systems, including seatbelts and airbags, integrate to reduce injury severity by positioning occupants optimally and cushioning impacts. Seatbelts serve as the foundational restraint, reducing the risk of serious injury by 60% in crashes when combined with airbags.[26] Key seatbelt components include retractors that manage webbing tension for comfort and rapid locking in collisions, pretensioners that eliminate slack to minimize chest deflection, and load limiters that control forces exerted on occupants. Pre-pretensioners (PPMI) enhance this by integrating with advanced driver assistance systems (ADAS) to position occupants pre-crash, reducing excursion and providing haptic warnings for issues like lane departure. Buckles and hardware ensure secure fastening, while active variants further adapt to dynamic conditions.[26] Airbags complement seatbelts by deploying rapidly—often in 0.03 seconds—to distribute crash forces, with frontal driver airbags reducing fatalities by approximately 25% and serious head injuries by over 60% for belted occupants, and passenger variants achieving about 20% fatality reduction. Autoliv offers diverse types: knee airbags from the dashboard to protect lower limbs and stabilize upper body positioning; side airbags in seats to mitigate chest injuries by 25%, with dual-chamber designs safeguarding pelvis and torso; side curtain airbags deploying along vehicle sides for lateral protection; and front center airbags between seats to prevent driver-passenger impacts in side crashes. Inflators, including pyrotechnic, stored gas, and hybrid types in single- or dual-stage configurations, generate the gas needed for deployment.[27][28] Innovations include the 2023 Bernoulli-principle passenger airbag, which uses fluid dynamics to aspirate ambient air alongside inflator gases, enabling efficient inflation of larger cushions with smaller, lighter, cooler single-stage inflators—reducing U.S. development testing by over 30% while meeting low-risk deployment standards. For external passive protection, Autoliv provides pedestrian protection airbags (introduced 2012) that deploy externally along the A-pillar or windshield to cushion head impacts, and pyrotechnic hood lifters that elevate the hood rear to absorb energy and increase clearance from underlying structures, thereby mitigating injuries to pedestrians. Steering wheels incorporate integrated safety features like energy-absorbing designs and airbag housings to enhance overall restraint efficacy.[29][30]Active and Electronics-Based Safety Solutions
Autoliv's electronics-based safety solutions center on pyrotechnic technologies for electrical system protection, particularly in crash scenarios and electric vehicle applications. These systems utilize rapid pyrotechnic actuators to disconnect high-voltage circuits—up to 1,000 V—within milliseconds, mitigating risks of fire, electrocution, and energy-related hazards by draining stranded capacitive energy from batteries and powertrains.[31] Such components, including pyro switches and fuses, integrate with vehicle architectures to enhance occupant safety during impacts, drawing on Autoliv's decades of experience in deploying millions of units across global fleets.[31] In electric mobility contexts, these solutions safeguard battery packs against overcharging, thermal runaway, and collision-induced failures, with customizable designs for original equipment manufacturers. For instance, battery cut-off switches rapidly isolate electrical current in crash events, supporting broader vehicle electrification trends observed in production data from major automakers since the mid-2010s.[32] Beyond automotive use, Autoliv extends these pyrotechnic actuators to stationary applications like energy storage and charging infrastructure, where they provide fault-tolerant protection for high-power systems.[31] Historically, Autoliv developed active safety products such as automotive radars, forward-looking cameras, night vision systems, and driver assistance sensors prior to the 2018 spin-off of its electronics division to Veoneer, Inc., which transferred these advanced driver-assistance systems (ADAS) capabilities to the independent entity.[23] Post-spin-off, Autoliv has not pursued standalone active safety hardware like sensors for collision avoidance, focusing instead on complementary electronics that interface with passive restraints. In October 2025, Autoliv announced a strategic joint venture with HSAE, a Chinese automotive electronics firm, to develop and manufacture advanced safety electronics tailored for the Chinese market, aiming to integrate pyrotechnic expertise with sensor and control innovations for enhanced vehicle safety.[25] This partnership leverages Autoliv's passive safety leadership alongside HSAE's electronics proficiency, with production targeted at addressing regional demands for electrified and connected vehicles.[33]Emerging Mobility and Restraint Innovations
Autoliv has prioritized restraint innovations to address challenges posed by emerging mobility paradigms, including autonomous vehicles and electric platforms that enable reclined seating, flexible interiors, and varied occupant postures, which increase risks like high lap belt forces and suboptimal energy absorption in traditional systems.[34] These developments integrate advanced seatbelts, airbags, and pretensioners to maintain efficacy across non-standard positions, drawing on biomechanics research to reduce injury metrics in frontal, lateral, and rollover scenarios.[35] A key advancement is the Omni Safety system, introduced on April 25, 2025, at the Shanghai Auto Show, which combines seatbelt pretensioners with targeted airbags to counteract downward sliding in reclined seats during collisions, significantly lowering risks of head, neck, pelvis, and lumbar injuries compared to conventional restraints.[36] This integrated approach earned recognition at the 2025 Asian Technology Excellence Awards for occupant safety innovation, highlighting its relevance to autonomous driving interiors where occupants may recline extensively.[37] Complementing this, Autoliv's October 13, 2025, collaboration with seating supplier Adient yielded dynamic seat-integrated restraints for deeply reclined postures, incorporating pelvic cushion airbags to minimize pelvic loading and head-side airbags for enhanced lateral shielding, thereby restoring effectiveness to passive systems compromised by extreme recline angles.[38] Similarly, the Seat Centric Restraint System (SCRS) embeds airbags and belt mechanisms directly into seats for omnidirectional protection that travels with the occupant, excelling in December 2024 car-to-car crash tests aligned with anticipated Euro NCAP standards for future vehicle designs.[39] Supporting these occupant-focused restraints, the Bernoulli Airbag Module, patented and unveiled on June 12, 2023, applies Bernoulli's fluid dynamics principle to draw in ambient air, enabling faster inflation of larger bags with lower heat generation—critical for electric vehicle battery proximity—and reduced development costs, as validated by its 2025 Automotive News PACE Pilot award.[29][40] These technologies collectively aim to sustain passive safety performance amid mobility shifts, with Autoliv estimating contributions to broader life-saving impacts through iterative testing and regulatory alignment.[41]Operations and Supply Chain
Global Manufacturing Footprint
Autoliv operates 62 production facilities across 23 countries, enabling localized assembly while concentrating upstream component manufacturing in select hubs to optimize efficiency and supply chain resilience.[42] This footprint supports just-in-time delivery to global automotive original equipment manufacturers (OEMs), with final assembly sites often co-located near customer plants to minimize lead times—handling nearly one new order per minute at major centers.[43] The strategy balances regional production shares roughly aligning with sales distribution: Americas at 33%, Europe at 28%, greater China at 19%, and other Asia at 19%, as of recent operational data.[43] Component production, such as inflators and textiles, is centralized in cost-effective or specialized sites—for instance, inflator manufacturing in India—while downstream assembly disperses to proximity of demand, reducing transportation costs and inventory risks.[44] Key manufacturing countries include the United States (e.g., airbag production in Ogden, Utah), Sweden, Germany, the United Kingdom, Brazil, Canada, Thailand, the Philippines, India, Indonesia, Tunisia, and Vietnam.[45] In China, facilities expanded with a 32,311 square meter plant in Guangzhou for airbags and seatbelts.[11] Japan hosts three dedicated plants, one each in the east, west, and central regions, following investments to align with local OEM growth.[46] Recent adaptations include a 2025 joint venture with HSAE for automotive safety electronics, establishing headquarters and production near Shanghai adjacent to existing Autoliv sites, enhancing electronics integration capabilities amid rising demand for advanced driver assistance systems.[25] This footprint evolution reflects responses to global vehicle production shifts, with over 90% of facilities externally certified for quality and safety standards like ISO 45001 by late 2023, prioritizing operational reliability.[47]Workforce and Production Processes
Autoliv employs approximately 65,000 workers across 25 countries, with operations spanning manufacturing, engineering, and support functions.[3] As of December 31, 2024, the company reported around 65,200 employees, reflecting a 7.25% decrease from the prior year amid operational adjustments.[48] The workforce includes diverse roles, from assembly line operators to specialists in industrial engineering, with an emphasis on global best practices in production and a culture of continuous improvement through lean problem-solving.[49] Production processes at Autoliv are governed by the Autoliv Production System (APS), a standardized framework designed to drive manufacturing excellence through consistent methodologies across facilities.[50] This system incorporates lean principles, including flawless execution, "one product one process" standardization, and zero-defect initiatives to minimize errors and enhance efficiency.[51] Manufacturing is strategically organized, with component production concentrated in a limited number of specialized sites to leverage economies of scale, while final assembly occurs in plants located proximate to major automotive customers, reducing lead times and logistics costs.[43] Automation and digital tools, such as those integrated in facilities like Autoliv China, further optimize processes for precision in producing safety components like airbags and seatbelts.[52] Labor practices prioritize employee safety and inclusion, with policies enforcing zero tolerance for child or forced labor, harassment, and discrimination, alongside freedom of association and fair working conditions.[53] The company promotes a diverse workforce where respect and authenticity support satisfaction and retention, though global operations in varying regulatory environments necessitate adherence to local standards.[54] Training and collaboration tools enhance workforce management, particularly for deskless manufacturing staff, fostering problem-solving autonomy and operational alignment.[55]Supplier Relationships and Logistics
Autoliv maintains supplier relationships governed by its Supplier Code of Conduct, which mandates adherence to ethical, social, environmental, and legal standards, including the UN Global Compact, ILO principles, and OECD guidelines, with suppliers required to extend compliance to their subcontractors and conduct due diligence.[56] Sustainability assessments form part of pre-qualification audits for new direct material suppliers, ensuring alignment with Autoliv's responsible business practices prior to engagement.[57] Supply chain audits verify compliance, with an internal escalation process addressing identified non-conformities.[57] Responsible sourcing emphasizes traceability, particularly for conflict minerals such as tin, tantalum, tungsten, and gold, under Autoliv's Conflict Minerals Policy, which aligns with the Responsible Minerals Initiative and requires supply chain partners to adopt similar principles.[57] Direct material expenditures constitute approximately 50% of sales, prompting strategies like total cost of ownership analysis and global best-buy sourcing to manage costs amid raw material fluctuations, with purchasing targets set to offset sales price reductions.[58] Supplier risk management includes reinforced partnerships from 2020 to 2023 and ongoing capacity planning to mitigate disruptions.[58][59] Logistics operations focus on ensuring timely component delivery to production facilities and finished products to customers, supported by sales, inventory, and operations planning (SIOP) and end-to-end supply chain localization efforts.[60][58] Digitalization initiatives prioritize collaboration, incorporating tools for enhanced visibility and efficiency, as outlined by Autoliv's vice president of global logistics in 2023.[61] In 2025, Autoliv advanced sourcing through AI-driven automation of global request-for-quotation processes to optimize procurement.[62] These measures address vulnerabilities, such as potential disruptions that could halt production, as noted in risk disclosures.[63]Financial Performance
Revenue Growth and Profit Metrics
Autoliv's annual revenue declined sharply to $7.44 billion in 2020, reflecting a 12.87% drop amid the COVID-19-induced disruption to global automotive production.[64] Recovery followed with 10.5% growth to $8.23 billion in 2021 and 7.45% to $8.84 billion in 2022, supported by rebounding light vehicle volumes.[64] Revenue accelerated 18.47% to $10.475 billion in 2023, driven by higher demand for passive safety systems and supply chain stabilization.[65] In 2024, revenue edged down 0.81% to $10.39 billion as global vehicle production growth slowed, though organic sales held steady.[65][66] Net income demonstrated resilient growth post-2020 losses, rising to $423 million in 2022, $488 million in 2023 (15.37% increase), and $646 million in 2024 (32% year-over-year gain), bolstered by gross margin expansion from 15.8% in 2022 to 18.4% in 2024 through cost reductions and productivity gains.[67][68] Operating margins improved correspondingly, with adjusted operating margin reaching 9.4% for full-year 2024, up from lower levels in prior years due to favorable product mix and overhead efficiencies.[66]| Year | Revenue ($B) | YoY Growth (%) | Net Income ($M) | Net Profit Margin (%) |
|---|---|---|---|---|
| 2021 | 8.23 | 10.5 | 435 | 5.3 |
| 2022 | 8.84 | 7.45 | 423 | 4.8 |
| 2023 | 10.48 | 18.5 | 488 | 4.7 |
| 2024 | 10.39 | -0.8 | 646 | 6.2 |