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AB Volvo's earnings higher than expected
Thursday, 26 April 2012
The vehicle manufacturer AB Volvo reports a profit before tax of Skr5.602 million for the first quarter of 2012. This compares with profit of Skr5.847 million a year ago.
Analysts had on average expected a profit of skr5.114 million, according to Reuters. Turnover amounted to Skr78.838 billion, compared to Skr71.577 million a year earlier.
The company writes in the press release that during the first quarter of 2012, the Volvo Group’s sales development continued to be strong. Net sales rose by 10 percent to Skr78.8 billion and was the highest so far for a first quarter. The operating income of Skr 6.2 billion was on par with the year-earlier period, adjusted for the nonrecurring items that impacted the first quarter of both this year and last year.
The first quarter operating income amounted to Skr 6,239 M (6,522) including a negative impact of Skr 66 M related to a dispute with the Environmental Protection Agency in the US. Compared to the first quarter of 2011, changes in exchange rates had a positive impact of SEK 403 M.
See details here plus comment from the CEO Olof Persson
By Scancomark.se Team
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