Truck maker Volvo profit beats forecast
2022.04.22 08:41
FILE PHOTO: The logo of Volvo is seen at the Volvo Trucks plant outside Kaluga, Russia March 31, 2022. Picture taken March 31, 2022. REUTERS/Evgenia Novozhenina/File Photo
STOCKHOLM (Reuters) – Swedish truck maker AB Volvo reported first-quarter core earnings well above market expectations on Friday as it juggled strong market demand with a strained supply chain that put a cap on its ability to grow order books.
Adjusted operating profit at the maker of trucks, construction equipment, buses and engines rose to 12.68 billion Swedish crowns ($1.33 billion) from 11.82 billion a year ago, well ahead of the 10.55 billion seen by analysts in a Refinitiv poll.
The results excluded a previously announced provision related to the war in Ukraine.
($1 = 9.4982 Swedish crowns)
