STOCKHOLM -- Sweden's Autoliv , the world's largest producer of airbags and seatbelts, on Friday said it more than doubled its first-quarter net income amid strong sales growth across all its regions.
Autoliv, which rivals ZF and Joyson Safety Systems, said that although the pandemic was still affecting it in some ways, organic, or like-for-like, sales growth reached 17.9% in the first quarter.
The company said net income surged 110 percent to $157 million during the quarter. Revenue improved 21 percent to $2.24 billion.
Shares in Autoliv gained 6.8 percent to $104.77 in midday trading.
CEO Mikael Bratt said a global shortage of materials, including semiconductors, had limited light vehicle production.
"And we expect this situation to continue in the second and third quarter of this year," Bratt said in a statement.
Autoliv said in January that the semiconductor shortage, which has impacted vehicle makers across the world, could have…