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Veoneer’s Operating Losses Nearly Triple
Veoneer Inc., which spun off from safety equipment supplier Autoliv Inc. a year ago, reports its second-quarter operating loss expanded to $137 million from $48 million.
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Veoneer Inc., which spun off from safety equipment supplier Autoliv Inc. a year ago, reports its second-quarter operating losses expanded to $137 million from $48 million.
The electronics supplier says its net revenue for the period fell 15% to $489 million. Organic sales slid 9%. The company posted a negative cash flow of $70 million.
Veoneer predicts stronger operating results in the second half of 2019. But it also cautions that sales will shrink in the “high single digits,” more than previously expected.
The company anticipates that global light-vehicle production this year will decline in the mid-single digits.
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