Truck maker AB Volvo posts third-quarter earnings slightly below forecasts

(Reuters) – Swedish truck maker AB Volvo posted third-quarter core earnings slightly below market forecasts on Thursday and warned rising costs related to energy, materials and supply chain disruptions would continue to pose a challenge.

The company said rising energy prices were putting its supplier base under financial pressure and that the global supply chain remained unstable.

The operating profit of the Gothenburg-based manufacturer rose to 11.87 billion Swedish crowns from 9.40 billion a year ago, missing the mean forecast of 11.96 billion seen by analysts polled by Refinitiv.

Volvo also kept its forecasts for truck registrations in the company’s European and North American markets unchanged at 300,000 in each region for 2022. It issued a new forecast for each of the regions to reach 300,000 registrations in 2023.

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