Veoneer, Inc. (NYSE:VNE) Q2 2020 Earnings Conference Call - Final Transcript
Jul 24, 2020 • 08:00 am ET
Ladies and gentlemen, thank you for standing by, and welcome to the Q2 2020 Earnings Release Call. [Operator Instructions]. I would now like to hand to your speaker today, Thomas Jonsson. Please go ahead.
Thank you very much, Summer, and welcome everyone to our second quarter 2020 earnings conference call and webcast presentation. Here in Stockholm, we have our Chairman, President and CEO, Jan Carlson; Chief Financial Officer, Mats Backman; and myself, Thomas Jonsson, Communications and IR.
During today's call, Jan will comment on our current business highlights as well as provide an update on our strategic reviews, launches and technology. Mats will then walk you through our financial results, efficiency programs, and provide commentary on our updated outlook for the remainder of this year.
After this, we'll remain on the line for a Q&A session, and as usual, slides and earnings release are available through a link on the home page of our corporate website. If we move to the next page, we have the safe harbor statement, which is an integrated part of the presentation and includes the Q&A that follows here today.
During the presentation, we will reference some non-U.S. GAAP measures, and the reconciliations of these figures are disclosed in our quarterly press release and the 10-Q that will be filed with the SEC. This call is intended to conclude at 3:00 P.M. CET so, I ask everybody kindly to limit yourselves to one or two questions so that we can get everybody's requests in. I will now turn it over to our CEO, Jan Carlson. So Jan, please take over.
Thank you, Thomas, and welcome everyone to our second quarter earnings call. Turning the page, and we have the business highlights for our second quarter. For us in Veoneer, the health and safety of our associates is the first priority, and we are taking the necessary actions to protect our people and safeguard our operations as the COVID-19 pandemic continues to create challenges to our industry.
Before moving on to our business highlights for the quarter, I would like to extend my warm and sincere thanks to the entire Veoneer team for the way they have performed under these circumstances. Staying focused on execution, launching new technologies and customer programs, while continuing to make progress with our market adjustment initiatives.
During the quarter, the OEMs in China and rest of Asia gradually recovered, however, still below pre-crisis volumes. While the OEMs in Europe and North America were essentially shut down for the first two months of the quarter, then gradually recovered in June. Although we see some optimism in the third quarter customer call-ups, we remain cautious about second half recovery, which will ultimately be connected to the underlying consumer demand.
The results of our market action initiative and program continue to gain traction and thereby mitigating the negative contribution effect caused by the lower light vehicle production volumes resulting from the COVID-19. During the quarter, we are pleased to have completed the integration of Zenuity,