Volvo Car Swings To Loss In Q2
(RTTNews) - Volvo Car AB (VLVCY, VOLCAR-B.ST), a Swedish manufacturer of luxury vehicles, on Thursday announced that it reported a net loss in the second quarter compared to the previous year.
The decline was largely driven by reduced wholesale volumes and negative currency impacts from a stronger Swedish krona during the quarter, though higher used car sales helped cushion the effect.
For the second quarter, net loss came in at SEK 8.10 billion compared to net income of SEK 5.65 billion last year.
Loss per share was SEK 2.53 versus earnings per share of SEK 1.79 in the previous year.
Two analysts, on average, had expected the company to report SEK 0.25 per share. Analysts' estimates typically exclude special items.
EBITDA declined to SEK 7.55 billion from SEK 13.94 billion in the prior year.
Operating loss came in at SEK 9.96 billion compared with operating income of SEK 7.97 billion in the previous year.
Revenue decreased to SEK 93.49 billion from SEK 101.45 billion last year.
Looking ahead, the company is focusing on boosting sales by expanding its EV lineup, including the EX30 and upgraded EX90. Production has started in Ghent to reduce tariffs, and the ES90 and XC70 launches are planned for later this year.
The company said that the EX60 is on track for 2026, and the SEK 18 billion turnaround plan is already showing results.
On Wednesday, VOLCAR-B.ST closed trading 3.14% lesser at SEK 17.76 on the Stockholm Stock Exchange.
