Financial Report July - September 2019 - Seite 2

The automotive industry faced a volatile and challenging quarter, with light vehicle production being weaker than anticipated in July across most of our major markets. Veoneer saw a sharper sales decline than the overall market, as we faced some model phase-outs of certain customer programs and a negative product mix. In addition, positive effects on sales growth from launches of new customer programs are only anticipated to start in 2020.

We see this challenging environment in our industry, to continue for some time. This relates both to an increased volatility in LVP forecasts as well as customer launch schedules and take rates, particularly in China, for products sold as optional features by the OEMs. Specifically, for Veoneer we are proactively managing the inherent risks that come from launching several new customer programs and technologies in a short time span in the quarters to come.

For the next several quarters, our focus is on: successful customer launches heading into 2020 and 2021, market adjustment initiatives to continue to drive efficiencies and improve cash flow, and to continue to win profitable new business.

Contacts:
Thomas Jönsson - EVP Communications & IR, [phone] or [e-mail] and
Ray Pekar - VP Investor Relations, [phone] or [e-mail]. Inquiries - Company Corporate website www.veoneer.com.

This report is information that Veoneer, Inc. is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the EVP Communications and IR set out above, at 12:00 CET on Wednesday, October 23, 2019.

An earnings conference call will be held today, Wednesday, October 23, 2019 at 14:00 CET. To follow the webcast or to obtain the phone number/pin code, please see www.veoneer.com. The slide deck will be available on our website prior to the earnings conference call. See also the Non-U.S. GAAP Financial Measures section on page 10 of this earnings release for further disclosures. 1 For all non-U.S. GAAP financial measures, see the reconciliation tables in this earnings release, including the Non-U.S. GAAP Financial Measures section on page 10. See the Non-U.S. GAAP Financial Measures section for further discussion of the forward-looking non-U.S. GAAP financial measures. 

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/veoneer/r/financial-report-july---september--2019,c2939235

The following files are available for download:

https://mb.cision.com/Main/17380/2939235/1128167.pdf

The full report (PDF)