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Veoneer shares zoom away in pre-market as auto parts group sees record orders in 2018

Veoneer decreased its sales and margin targets for 2020 in October last year
Veoneer shares zoom away in pre-market as auto parts group sees record orders in 2018
Veoneer impressed the market with its results

Shares in Veoneer Inc (NYSE:VNE)  surged over 10% in pre-market New York deals as it revealed it saw record orders in 2018.

The Swedish engineering and car parts group said it forecast the total lifetime value of the 2018 orders was $5.9 billion, corresponding to an average annual order value of more than $1.2 billion.

That compared to $1.1 billion by the end of the third quarter.

Veoneer decreased its sales and margin targets for 2020 in October last year, due in part to production delays at customers struggling with tougher regulations.

Veoneer's products typically have a lead time of   between two and four years from order to delivery, at which point revenues start to be recorded.

To prepare for the strong growth indicated by the 2017 and 2018 order intake, Veoneer has during the same time increased its workforce by around 1,800 people.

"I am pleased with our order intake for 2018. It marks the third consecutive year of strong order intake growth," said Jan Carlson, chairman, president and CEO of Veoneer.

"This is a strong proof-point for Veoneer as a leading technology company in the automotive industry.

"Our products are trusted by the leading car manufacturers in the world and our customer list keeps growing. I look forward to working together with the rest of the Veoneer team to create another year of record order intake in 2019."

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