Autoliv (ALV) will suspend its quarterly dividend because of the COVID-19 pandemic. The company last raised its quarterly dividend by 3.3 percent to $0.62 per share in the first quarter of 2018.

In today's press release the company withdraws its 2020 guidance and announces the cancellation of its quarterly dividend until the COVID-19 pandemic effects can be better assessed. The company states that is is cancelling the dividend scheduled for June 4, 2020 and suspending future dividends although the Board of Directors will review such suspension on a quarterly basis.

Autoliv, Inc. is a supplier of automotive safety systems. The company manufactures and markets protective systems, such as airbags, seatbelts, steering wheels and pedestrian protection systems for all major automotive manufacturers in the world. The company's shares are listed on the New York Stock Exchange (ticker ALV) and the Swedish Depository Receipts on Nasdaq Stockholm (ALIV sdb). Autoliv had paid a dividend to shareholders every year since 1997.