Investing
Truck maker Volvo posts record Q1 profit
© Reuters. FILE PHOTO: Volvo trucks are seen for sale in Linden, New Jersey, U.S., May 23, 2022. REUTERS/Andrew Kelly
OSLO (Reuters) – Truck maker AB Volvo reported record first-quarter profits as revenue and margins rose, a preliminary filing showed late on Tuesday, in a sign the Swedish company had begun to overcome bottlenecks and inflation that hampered the industry.
The group’s adjusted January-March operating profit rose 45% year-on-year to 18.4 billion Swedish crowns ($1.76 billion), exceeding the mean expectation of 12.9 billion crowns in a Refinitiv poll of analysts.
($1 = 10.4303 Swedish crowns)
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