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Volvo trucks reports profit drop but sees sales pick up

24 july 2013, 17:09
0
©REUTERS/Lucas Jackson
©REUTERS/Lucas Jackson
Swedish heavy truck and construction equipment maker Volvo reported that profits plunged in the second quarter but said on Wednesday that it saw signs that sales were picking up as customers renewed fleets to beat new emissions norms, AFP reports.

The group reported that second quarter net profit fell 59 percent to 2.015 billion kronor (236 million euros, $312 million) owing to weak sales.

The outcome was slightly higher than the 1.94 billion kronor expected by analysts polled by Dow Jones Newswires.

Revenue fell 12 percent to 72.756 kronor, which was less than market expectations of a 14-percent drop.

Sales "recovered considerably compared with the first quarter" when they were at their lowest since 2009, the company said.

"After a weak start to the year, the group's sales and profitability recovered during the second quarter of 2013," chief executive Olof Persson said in a statement.

Truck orders rose 16 percent despite an "unfavorable economic climate in parts of Europe," the company said.

In Europe, there were signs that sales in the past six months had been boosted by customers renewing their truck fleets ahead of new emissions legislation that comes into force next year.

"The renewal of the group's truck offering entered an even more intensive phase and during the quarter we presented a completely new product portfolio within Renault Trucks, as well as a number of new trucks for Volvo," Persson said.

"The trucks have been well received by customers and dealers," he added.

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