Volvo Reports 2Q Profit

Volvo AB Thursday reported second-quarter net income of about $430 million, compared with a loss of about $760 million a year ago when orders were low.

Net sales rose 27% to about $9.4 billion and increased 31% adjusted for currency conversions, the company said in a statement. Volvo reports its earnings in Swedish krona.

Volvo said the global truck market will grow this year by about 10% in Europe and 20% to 30% in North America, Bloomberg reported.

The company plans to “focus on ensuring that planned production increases in most of our manufacturing facilities run as efficiently as possible, with minimum capital being tied up,” Chief Executive Officer Leif Johansson said in a statement.

Volvo AB is the parent company of Volvo Trucks North America and Mack Trucks.