Veoneer’s FY2019 net loss widens y/y to USD500 million
Company expects to return to organic sales growth in the mid-single digit in 2020
Veoneer’s net loss increased sharply to USD500 million in the financial year ended 31 December 2019 compared to USD276 million a year earlier, the company said in a press release on 5 February. Net sales dropped 15% year-over-year (y/y) to USD1.9 billion. The company recorded 12% drop in organic sales, mainly due to 6% decline in global light vehicle production. The unfavorable currency translations caused another 3% drop in topline. Lower net sales also affected the company operating results as Veoneer’s operating loss more than doubled to USD460 million over USD176 million in 2018.