Veoneer Reports Mixed Q2 Results

Veoneer Inc VNE reported second-quarter sales growth of 116.3% year-on-year to $398 million, missing the analyst consensus estimate of $404.73 million.
Net sales from Restraint Control Systems increased 75% Y/Y to $175 million and Active Safety product jumped 149.4% to $197 million.
Gross profit surged to $62 million, driven by volume improvements and continued benefits from the Market Adjustment Initiatives. The gross margin was 15.6%.
Operating loss for the quarter widened to $(92) million.
Loss per share of $(0.89) beat the analyst consensus estimate for a $(0.91) loss.
Veoneer held $556 million in cash and equivalents as of June 30, 2021.
Veoneer agreed to be acquired by Magna International for $3.8 billion in cash.
Outlook: Veoneer expects Organic Sales growth Y/Y to exceed 25%.
Price action: VNE shares are trading higher by 54.9% at $30.88 in premarket on the last check Friday.