Friday, Autoliv, Inc. (ALV) announced financial results for the second quarter, reporting a net income of $101 million, or $1.35 a share, compared to last year's $168 million, or $2.16 a share.

The decline in net income was primarily due to lower operating income during the quarter, caused by previously communicated restructuring activities in Türkiye.

On an adjusted basis, the company's net income increased to $181 million, or $2.43 a share, from $171 million, or $2.21 a share, in the previous year.

Net sales grew 3.3 percent, to $2,803 million from $2,714 million in the prior year.

Concurrently, the company announced its decision to gradually discontinue its manufacturing operations in Türkiye, which include the production of steering wheels, airbags, and seatbelts, as part of its strategy to align production capacity with future EMEA market requirements.

Autoliv expects the discontinuation to affect about 2,200 employees, with production moved to its other existing facilities in the EMEA region.

The restructuring changes are estimated to cost the company about $142 million; of this $90 million is recognized in the second quarter of 2026. Meanwhile, cash flow is expected to be around $129 million.

The company further anticipates achieving estimated annual pre-tax savings of $40 million from 2027, and later reaching the full run-rate benefit in 2028.

In the pre-market hours, ALV is trading at $118.12, down 5.66 percent on the New York Stock Exchange.

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