Veoneer’s Q2 net loss widens to USD63 million on marginal decline in sales
Company forecasts full-year 2018 sales to be same as 2017
Veoneer has released its first financial results following its separation from Autoliv last month. According to a press release on 27 July, the company reported net loss of USD63 million for the second quarter ended 30 June 2018, compared with net loss of USD28 million in the same period a year earlier. The company also incurred higher operating loss of USD48 million compared with USD12 million in second quarter of 2017. Net sales dropped marginally, by 1.2% y/y, to USD572 million. The company’s organic sales dropped 4% y/y, but was partially offset by foreign exchange translations gain of 3% mainly due to weak US dollar.
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