US Markets

Truckmaker Volvo breezes past Q3 earnings forecasts, order intake jumps

Credit: REUTERS/© Bob Strong / Reuters

Swedish truck-maker AB Volvo on Friday reported third-quarter core earnings well above markets forecasts and a big jump in order intake as a recovery from a deep COVID-19-induced slump earlier in the year continued to gain pace.

Adds detail, background

STOCKHOLM, Oct 16 (Reuters) - Swedish trunk-maker AB Volvo VOLVb.ST on Friday reported third-quarter core earnings well above markets forecasts and a big jump in order intake as a recovery from a deep COVID-19-induced slump earlier in the year continued to gain pace.

Adjusted operating profit at the maker of trucks, construction equipment, buses and engines fell to 7.22 billion crowns ($813.2 million) from 10.89 billion a year-ago, well above analysts' mean forecasts of 5.82 billion, according to Refinitiv estimates.

Volvo said net order intake in the quarter amounted to 57,530 trucks, up 61% from a year earlier.

"In the last two quarters, our organization and business partners have shown great volume flexibility by first handling a dramatic volume decline and then a steep recovery with maintained good productivity," CEO Martin Lundstedt said in a statement.

The news from Volvo, which had initially scheduled its earnings report for Oct. 20, come as rival Daimler AG DIAGn.DE reported forecast-beating results late on Thursday.

($1 = 8.8786 Swedish crowns)

(Reporting by Anna Ringstrom and Johannes Hellstrom, editing by Gwladys Fouche)

((anna.ringstrom@thomsonreuters.com; +46 8 502 423 74; Reuters Messaging: anna.ringstrom.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Markets Videos

    Reuters

    Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

    Learn More