STOCKHOLM — Sweden’s Autoliv , the world’s largest producer of airbags and seatbelts, on Friday said it greater than doubled its first-quarter web earnings amid robust gross sales development throughout all its areas.

Autoliv, which rivals ZF and Joyson Security Methods, stated that though the pandemic was nonetheless affecting it in some methods, natural, or like-for-like, gross sales development reached 17.9% within the first quarter.

The corporate stated web earnings surged 110 p.c to $157 million throughout the quarter. Income improved 21 p.c to $2.24 billion.

Shares in Autoliv gained 6.8 p.c to $104.77 in noon buying and selling.

CEO Mikael Bratt stated a worldwide scarcity of supplies, together with semiconductors, had restricted mild car manufacturing.

“And we anticipate this case to proceed within the second and third quarter of this yr,” Bratt stated in an announcement.

Autoliv stated in January that the semiconductor scarcity, which has impacted car makers the world over, may have a detrimental affect on automotive manufacturing within the first half of 2021, whereas in a roundabout way affecting the corporate.

The corporate reported a first-quarter working revenue of $237 million in contrast with a $134 million revenue within the year-ago quarter and a imply forecast of $201 million based mostly on a ballot of analysts printed by the corporate.

Autoliv saved its forecast for round 20 p.c natural gross sales development and an adjusted working margin of about 10 p.c in 2021, including it now anticipated 23 p.c web gross sales development versus a earlier forecast of 25 p.c.

Autolive ranks No. 31 on the Automotive Information checklist of the highest 100 international suppliers with worldwides gross sales to automakers of $8.55 billion in 2019.

Automotive Information contributed to this report.