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Autoliv, the world's biggest airbag and seatbelt maker, met quarterly earnings expectations due to emerging market growth and “better than expected” sales in China.

The Swedish company rose to a five-day high in Stockholm trading after it forecast a 20 percent sales rise in the first quarter as well as in the full year 2011. North American and European recovery would help sales, the company said.

Emerging markets are the main engine behind growing sales. In China sales grew by 17 percent during last quarter, which was 13 percentage points better than expected, the company said in a statement.

“Autoliv reported record quarterly gross profit, operating income, income before taxes, net income and earnings per share. These all-time-high results reflect our ongoing restructuring efforts and rapid growth in emerging markets” it said.

Handelsbanken Capital analyst Hampus Engelau told Reuters sales were slightly below market expectations but margins were in line. "It is positive that they control costs a well as they do."

Autoliv reported a net profit of 177.5 million dollar, better than analysts' expectations of 158.1 million dollar, and sales of 1.91 billion dollar.