STOCKHOLM — Veoneer on Friday said it expected to reduce operating losses this year and markedly improve cash flows, despite the coronavirus-induced crisis in the automotive industry, as cost cuts and efficiency actions started to bite.
The Sweden-based supplier, which makes radars, vision systems and advanced driver-assistance software, also dropped its forecast for organic sales growth in 2020, but said it still expected to outperform global car production.
The company, which competes with Aptiv and Bosch, said it reported a $122 million operating loss for the quarter, but that was still an improvement over the $128 million operating loss is posted during the same quarter last year. Total revenue fell 27 percent to $362 million.
“We have a strong cash flow given where we are, and we are seeing good results from our internal actions,” Veoneer CEO Jan Carlson told Reuters. “Given the terrible situation in the industry and the rest of the world, we think we had a very strong…