The Swedish truck and bus manufacturer Volvo earned significantly more than expected in the third quarter.
The company continued to benefit from customers’ pent-up demand for fleet renewal. “We expect our most important truck markets to continue to be strong this year,” said company CEO Martin Lundstedt on Wednesday, according to the quarterly report. However, looking ahead shows that the order situation will normalize in the coming year. In some markets, however, demand has weakened due to economic developments and rising interest rates.
In the third quarter, Volvo was once again able to benefit from strong demand and easing delivery bottlenecks and operate profitably. The operating profit adjusted for special effects for the three months to September increased by 61 percent year-on-year to 19.1 billion Swedish crowns (1.65 billion euros), as the rival of Daimler Truck and TRATON announced in Gothenburg. Volvo thus clearly exceeded analysts’ expectations. According to the company, the associated margin rose to 14.4 percent.
The result includes a charge of 794 million crowns in connection with the sale of the Russian business. The bottom line was a profit of almost 14.1 billion crowns after 8.7 billion a year earlier. Sales increased by 15.2 percent to a good 132 billion crowns in the third quarter. That was also more than experts expected.
On the Swedish stock exchange, Volvo shares temporarily gained 0.79 percent to 227.95 Swedish krona on Wednesday.
/mne/ngu/stk
GOTHENBURG (dpa-AFX)
Selected lever products on Volvo (B)
With knock-outs, speculative investors can participate disproportionately in price movements. Simply select the lever you want and we will show you suitable open-end products on Volvo (B)
The leverage must be between 2 and 20
Advertising