STOCKHOLM -- Automotive technology supplier Veoneer on Wednesday said it trimmed its quarterly operating loss and forecast a return to organic sales growth and improving results in 2020 despite a likely further decline in global car production.
The Swedish company -- which makes radars, vision systems and software for advanced driver assistance systems -- said its fourth-quarter operating loss narrowed to $72 million from $75 million a year ago, beating the 107 million loss seen by analysts according to Refinitiv data.
"Our operating loss was lower than expected at the beginning of the quarter, primarily due to continuing cost control activities across the company," CEO Jan Carlson said in a statement.
Fourth-quarter net sales were down nearly 15 percent to $456 million.
The company forecast "mid-single digit" organic sales growth in 2020 despite a "low-single" digit drop seen in global light vehicle output as it ramped up shipments out of its $19 billion order book during the second half of the year.
Organic sales growth excludes the impact of acquisitions and divestments.
Veoneer, which competes with the likes of Aptiv and Bosch, forecast order intake for 2020 of around $1 billion of average annual sales for its core electronics segment, about double the 2019 level.
The company, which warned in early January that order intake for 2019 had halved from 2018 levels as delayed contracts blighted the end of the year, told Reuters it had already booked orders of around $100 million so far in 2020.