October 23, 2019 / 10:17 AM / 4 months ago

Veoneer posts smaller Q3 loss than expected as cost cuts bite

STOCKHOLM, Oct 23 (Reuters) - Swedish auto technology group Veoneer on Wednesday reported a smaller-than-expected third-quarter operating loss, overshadowing a cut to its full-year organic sales forecast and sending shares sharply higher.

The company, which makes radars, vision systems and software for advanced driver assistance systems and autonomous driving, said its quarterly operating loss grew to $122 million from a loss of 58 million a year-earlier, better than the mean forecast for a $133 million loss according to Refinitiv data.

Veoneer shares rose 8.2% following the results. (Reporting by Johannes Hellstrom; editing by Niklas Pollard)

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