VNE - Veoneer -2% after profit miss guiding for full-year operating loss

Veoneer (VNE) reports organic revenue fell 7% Y/Y in Q3. Organic sales fell 9% during the quarter for the active safety business. The company's operating margin landed at -27.8% of sales vs. -26.5% a year ago. Operating cash flow was positive $1M, which includes positive timing effects during the quarter. CEO update: "Cash flow was particularly strong in the quarter and while it included certain timing effects it allows us to expect a better 2020 full year cash flow before financing than previously expected. Our market adjustment initiatives also continue to deliver the targeted improvements, we are establishing new levels of run- rate for cash flow and capital expenditures and continue to drive improvements in RD&E efficiency." Looking ahead, Veoneer sees a full-year operating loss improving compared with year earlier on a comparable basis and full-year capex is expected to be less than $125M. Shares of Veoneer are down 1.59%

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Veoneer -2% after profit miss, guiding for full-year operating loss