Veoneer Provides Update to First Quarter 2020 and Current Market Situation
Veoneer, Inc. (VNE)
Last veoneer, inc. earnings: 4/27 04:01 pm
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Source: PR Newswire
STOCKHOLM, March 20, 2020 /PRNewswire/ -- Given the rapid changes in the market caused by the effects of the coronavirus outbreak, Veoneer Inc. (NYSE: VNE and SSE: VNE SDB), updates indications of its first quarter 2020, current business situation and short term response actions.Health and operational crisis management teams have been activated since February, and are working continuously, taking the appropriate actions. In this time of crisis and uncertainty health and safety is our first priority. First quarter sales are expected to see limited negative impact from the coronavirus outbreak, mainly from the second half of March, and are expected to be in the range of $350 million to $370 million, including sales from VNBS Asia for January. Underlying sales for January and February were stronger than anticipated, despite negative effects from the initial coronavirus outbreak in China. Cash balance at the end of February of around $970 million, up from $894 million at year-end 2019, fo
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