Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
2023 07 19T062622Z 1 LYNXMPEJ6I066 RTROPTP 4 VOLVO RESULTS
2023 07 19T062622Z 1 LYNXMPEJ6I066 RTROPTP 4 VOLVO RESULTS

Truck maker Volvo’s quarterly profit surges, beats estimates


Truck maker Volvo’s quarterly profit surges, beats estimates

By Marie Mannes

STOCKHOLM (Reuters) -Swedish truckmaker AB Volvo on Wednesday logged a better-than-expected 57% jump in second-quarter adjusted operating profit, helped by price hikes.

“We have been successful in improving margins while managing cost inflation and increased disturbances in the supply chain,” Chief Executive Martin Lundstedt said in a statement.

Operating profit before restructuring charges and legal claims surged to 21.7 billion crowns ($2.1 billion), beating a Refinitiv consensus estimate of 18.4 billion crowns.

Orders for the quarter fell 10%, which Lundstedt said was partly due to Volvo’s reluctance to take on too many orders as well as partly the result of buyer caution.

Truck makers have for a few years now kept a tight lid on order books, aiming to avoid excessive lead times amid global shortages of key components.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.

JPMorgan analysts said in a note to clients that the company had delivered solid results with healthy performances across the board.

Volvo also boosted its estimates for industry-wide heavy truck sales in Europe and North America, saying it now expects 330,000 in each market up from 320,000 and noting that larger fleets were continuing to replace older vehicles.

Shares in Volvo were down 3% at 0743 GMT, underperforming a 0.8% decline in the OMX Stockholm 30 index.

(Reporting by Marie Mannes; editing by Anna Ringstrom, Jason Neely and Edwina Gibbs)

 

Recent Post: