STOCKHOLM (Reuters) – Swedish auto technology group Veoneer <VNE.N> <VNEsdb.ST> on Friday reported a quarterly operating loss in line with analysts’ forecasts, and said results had been slightly better than its internal expectations.
The company, which was spun-off from airbag maker Autoliv <ALIVsdb.ST> <ALV.N> last summer, said its quarterly operating loss rose to $137 million (£110.14 million) from 48 million a year-earlier, in line with the mean analysts’ forecast according to data from Refinitiv.
Veoneer said it expected an operating loss improvement during the second half of the year versus the first half, while still seeing a steeper organic sales decline for the full year than previously forecast.
Veoneer shares rose 9.7% following the earnings release.
(Reporting by Johannes Hellstrom, Editing by Helena Soderpalm)