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AB Volvo presents a better than expected result for the second quarterTuesday, 24 July 2012
Heavy duty vehicle manufacturer, AB Volvo reports a profit before tax of Skr6.764 million for the second quarter of 2012. This compares with profit of Skr7.249 million kronor for the corresponding period of 2011
Analysts, according to Reuters had on average expected a profit of Skr6.102 million.
Sales amounted to 83.904 billion kronor, compared to 78.962 billion kronor a year earlier.
Net sales increased by 6 percent to Skr83.9 billion compared to Skr79.0 same period a year ago which is the highest sales so far for a second quarter. Adjusted for currency movements and acquired and divested units, sales increased by 1 percent.
The second quarter operating income amounted to Skr7,335 million compared with Skr7,648million same time a year ago, including a positive impact of Skr 495 million from VAT credits in Brazil relating to previous years. Compared to the second quarter of 2011, changes in exchange rates had a positive impact of Skr 513million.
Volvo truck deliveries fell by 2 percent to 58 800 vehicles during the second quarter. Order intake amounted to almost 53 000 lorries, which is a decline of 19 percent compared with second quarter 2011.
For the full year 2012 Volvo confirms sales forecasts in the U.S. and Europe of 250 000 and 230 000 vehicles respectively
"A downturn in Brazil and Western Europe were offset by growth, especially in North America, but also increased sales in Eastern Europe and Africa, "the Volvo CEO Olof Persson said in a statement.
See full presentation of Volvo report here and other details
By Scancomark.se Team
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