Volvo’s 4Q Profit Rises; Sees Continued Strength in North American Truck Market
Volvo AB held estimates for North American and European truck markets this year as sales growth helped boost its fourth-quarter operating profit 26%, Bloomberg reported.
Fourth-quarter earnings before interest and taxes rose to about $1.1 billion, from about $810 million a year earlier. Revenue rose 18% to $12.8 billion.
Gothenburg, Sweden-based Volvo reports its earnings in Swedish krona.
Industrywide sales will total 220,000 trucks in Europe and 250,000 in North America this year, Volvo said in a statement.
Its truck-market estimates equate to a 16% increase in North America from last year’s 216,000 deliveries, Bloomberg reported.
Its forecast for Europe is a 9.2% contraction from 242,400 vehicles a year ago.
Volvo, the parent company of Mack Trucks and Volvo Trucks North America, is also the parent of Renault trucks in Europe.
