February 13, 2019 / 11:18 AM / 7 months ago

Sweden's Veoneer posts steeper than expected Q4 organic sales fall

STOCKHOLM, Feb 13 (Reuters) - Swedish autoparts maker Veoneer reported a steeper than expected fall in quarterly organic sales and forecast organic sales would be flat to down slightly this year.

The company, which makes high-tech safety equipment like radars, vision systems and advanced driver assistance systems, reported negative organic sales growth of 9 percent, worse than the negative 7.7 percent analysts had expected.

“During the fourth quarter of 2018 we saw a sharp decline in the light vehicle production (LVP) in China and Western Europe and we anticipate that these markets will continue to show weakness in the first half of this year,” Chairman Jan Carlson said in a statement.

“We expect the situation to improve in the second half, but we currently expect a slight decline in the global LVP for the full year 2019,” he said.

Reporting by Esha Vaish; editing by Johannes Hellstrom

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