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Sales, Earning Fall at Volvo Group
Commercial truckmaker Volvo Group says fading demand caused its revenue to slide 6% to 69 billion kronor ($7.7 billion) in the third quarter.
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Commercial truckmaker AB Volvo says fading demand caused its revenue to slide 6% to 69 billion kronor ($7.7 billion) in the third quarter. Volume declined in all markets except Europe.
Adjusted operating income for the period fell 5% to 4.8 billion kronor ($542 million). Net income dropped 15% to 2.6 billion kronor ($292 million). But the company was able to improve its operating margin to 6.8% from 6.3% a year earlier.
Volvo Group's deliveries of commercial vehicles in July-September fell to 41,200 units from 47,300 in the same period last year. New orders shrank 7% to 39,500 trucks.
The company’s sales through the first nine months of 2016 declined 6% to 219.4 billion kronor ($24.6 billion). Net income for the period plunged by one-third to 8.4 billion kronor ($939 million). Unit deliveries retreated 7% to 139,900 trucks.
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