Volvo Group (VOLVY.PK) reported that its income attributable to equity holders of the parent company for the first-quarter of 2018 rose to 5.65 billion Swedish kronor from 4.58 billion kronor in the prior year. Earnings per share amounted to 2.78 kronor up from 2.25 kronor in the prior year.
“… Earnings in Construction Equipment continued to increase strongly while Trucks was on par with last year. It is a good result, but we are still not satisfied,” says Martin Lundstedt, President and CEO.
Operating income for the quarter grew to 8.30 billion kronor from 6.83 billion kronor in the previous year. the higher operating income is primarily an effect of higher truck and construction equipment volumes and higher capacity utilization. This was partly offset by costs related to a stretched situation in parts of the supply chain and the production changeover in North America, higher selling expenses as well as higher R&D expenses.
Quarterly net sales increased by 16% to 89.1 billion kronor from last year’s 76.9 billion kronor. Adjusted for currency movements and acquired and divested units sales increased 19%.
Vehicle sales increased by 23% adjusted for currency movements, primarily due to higher truck and construction equipment volumes. Adjusted for currency movements, service sales increased by 6%, reflecting higher utilization of customer fleets.
Truck deliveries increased by 17% to 51,574 vehicles in the first-quarter of 2018. Net order intake in the quarter increased by 29% to 71,965 trucks, with an especially strong development in North and South America.
by RTTNews Staff Writer
Source: Read Full Article