Volvo raises market outlook after Q2 profit jump

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 Volvo reports higher-than-expected profit and raises sales outlook

Swedish truck maker Volvo reported a bigger-than-expected jump in second-quarter adjusted operating profit on Wednesday, and raised its outlook for the European and North American markets.

Operating profit before restructuring charges and legal claims was 21.7 billion crowns ($2.12 billion), up from 13.8 billion a year earlier and topping the 18.4 billion mean forecast in a Refinitiv poll of analysts.

Volvo said it expects industry-wide sales of 330,000 heavy trucks in the European market this year, and as many in North America, up from an April forecast of 320,000 in each of those markets.

CEO Martin Lundstedt said Volvo had been successful in improving margins while managing cost inflation and increased disturbances in the supply chain.

However, he also said that Volvo had been restrictive in taking orders, which had led to a decrease of 10% in order intake for the quarter.

 

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