Volvo trucks on track for growth in US, EU, with strong quarterly profits

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Volvo trucks on track for growth in US, EU, with strong quarterly profits

Thursday, July 22, 2010 at 11:07AM

STOCKHOLM (AFP) – Volvo trucks, the second-biggest maker of heavy vehicles, reported unexpectedly strong quarterly profits on Thursday and stood by its forecast of recovery in US and European markets.

In the three months through June, net profit was 3.15 billion kronor (333.4 million euros, 425.7 million dollars) from a record loss of 5.57 billion kronor for the same period last year. Sales showed a 12-month jump of 27.0 percent to 68.8 billion euros.

Sales of trucks are seen as a leading indicator of activity in industry in general.

The company switched into profit in the first quarter, on sales in Asia and South America, after five quarters of heavy losses and job cutstotalling nearly 20,000 in response to the effects of the economic downturn.

The results on Thursday exceeded forecasts by analysts, as polled by Dow Jones Newswires, of net profit of 2.17 billion kronor and sales of 65.29 billion kronor.

The group stood by its forecast that sales in Europe would grow by 10.0 percent and in North America by 20-30 percent this year.

Source: Yahoo News

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