Veoneer’s Q1 sales declines 26.7% y/y to USD362 million

News
Financial results

Company withdraws organic sales outlook for FY 2020 but expects to outperform the global light vehicle production, primarily driven by new program launches

Veoneer has reported 26.7% y/y decline in net sales to USD362 million in the first quarter ended 31 March 2020, the company said in a press release on 24 April. The company’s organic sales dropped 15% as compared to a 24% decline in the global light vehicle production. The divesture of VNBS operations in Asia affected sales by 10%, while unfavorable currency translation impacted sales by 2%.

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