The group announced on Tuesday in Stockholm that the proceeds had risen by 31 percent to almost 119 billion Swedish crowns (11.3 billion euros). Adjusted for currency effects, the increase was 20 percent. The operating profit adjusted for special effects increased by more than 40 percent to a good 13.7 billion crowns. The company thus exceeded analysts’ expectations in terms of both sales and operating profit.
The bottom line is that earnings per share increased from 4.38 to 5.14 crowns. The company was able to successfully mitigate additional costs due to the ongoing supply bottlenecks and higher material prices with higher prices, said company boss Martin Lundstedt. Volvo competes with Daimler Truck and the VW subsidiary TRATON, among others.
Jefferies leaves Volvo on ‘buy’ – target 215 kroner
Analyst firm Jefferies has left Volvo’s B share at “buy” with a target price of 215 Swedish kroner. The truck and plant manufacturer had a mixed first quarter, wrote analyst Himanshu Agarwal in an initial reaction on Tuesday. However, the Swedes have emphasized their flexibility in the event of a possible deterioration in demand.
The Volvo share rises on the Nasdaq Nordic at times by 3.3 percent to 181.10 Swedish crowns.
/gl/la
Publication of the original study: 07/19/2022 / 02:23 / ET First distribution of the original study: 07/19/2022 / 02:23 / ET
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