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The
company had hinted in October https://bit.ly/37yUN9o that
"certain opportunities" may be pushed into 2020.
On Friday, it estimated the lifetime value of its new order
intake last year at around $2.5 billion, while its total order
book was seen worth around $19 billion.
Veoneer said the full-year order intake corresponded to an
average annual new order intake of around $550 million, compared
to $1 billion by the end of September.
"The lower-than-expected figure is mainly due to delayed timing
of orders, first indicated in Veoneer's earnings release for the
third quarter," the company said in a statement.
"But the magnitude has been surprising, otherwise we would have
signaled it stronger in the third quarter," Veoneer spokesman
Thomas Jonsson told Reuters.
Veoneer, which makes radars, vision systems and software for
advanced driver assistance systems and autonomous driving, has
been hit by a deep slump in global car production and is
currently implementing a range of cost-efficiency measures.
The company said it still expected to return to organic sales
growth in 2020, but with growth expected to be focused in the
second half of the year based on the timing of new car launches.
Veoneer's Swedish-listed depository receipts were down 2.8% by
0938 GMT. They have fallen 30% in the past 12 months.
Pointing to its big order backlog, the company issued a new
sales goal for 2022, forecasting its core active safety and
restraint control systems businesses would grow to $2.5 billion,
with an compound annual growth rate of 19%.
(Reporting by Johannes Hellstrom, editing by Terje Solsvik and
Jason Neely)
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