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October 26, 2020

Veoneer Q3 net sales fall 20% to US$371m

Veoneer has posted net sales down 20% to US$371m, including an organic sales decline of 7%.

By Rhodri Morgan

Veoneer has posted third-quarter net sales down 20% to US$371m, including an organic sales decline of 7%.

Outlook:

  • Net Sales are expected to return to organic growth during Q4/20 and outperform the global LVP during H2/20
  • Currency translation, net is expected to be slightly positive for FY20
  • RD&E, net is expected to improve by more than US$100m from 2019 (on a comparable basis)
  • Operating loss is expected to improve from 2019 levels (on a comparable basis) and cash flow before financing activities is now expected to be better than US$(170)m for H2/20

“Health and safety continue to be our first priorities and we are closely monitoring the development of the COVID-19 pandemic, which unfortunately shows signs of becoming more severe again and we are staying ready to take the necessary safety precautions and business actions,” said Veoneer chairman, president and CEO, Jan Carlson.

“Vehicle production accelerated through the quarter, leading to a rapid increase in demand in the entire automotive supply chain, in a time when we are still fighting the effects of the global COVID-19 pandemic. In this challenging environment we executed a record number of activities including: successful vehicle launches, continued market adjustment initiatives, signing of a letter of intent with Qualcomm, finalising the split of Zenuity and the divestment of our brake business.

“To summarise, our underlying performance improved in almost all metrics. I am pleased with Veoneer’s operational performance in the third quarter and I would like to thank the entire Veoneer team for their focus, dedication and discipline during this highly unusual year.”

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