Volvo Reports Lower 3Q Profit

Swedish truck-maker Volvo AB saw its third-quarter operating income drop 18% to 2.4 billion kronor ($380 million).

Net income fell 0.9% compared with the same quarter last year to 1.39 billion kronor ($219 million), Volvo said in an Oct. 24 statement. Sales fell 4.9% to 64.9 billion kronor ($10.4 billion), including a 1% drop in revenue from the truck division.

Truck deliveries increased 4.1% in the third quarter to 43,248.

In announcing the earnings, Volvo also said it would cut about 2,000 “white-collar” jobs, amounting to about 1.8% of its workforce, as part of a plan announced in September to save 4 billion kronor ($630 million) by 2015.

In addition to trucks, such as the Volvo and Mack Trucks brands, Volvo sells bus, construction equipment and marine engines.