The Quotes are Powered By Forexpros, the Forex, Futures, and Stock Markets Portal.

Great figures from Volvo Group

Wednesday, 24 July 2013
Truck giant Volvo's reports a sharp fall in profits in the second quarter. Earnings in the period was however much better than expected.
The automotive company says that its group sales for the second quarter of 2013 recovered considerably compared with the first quarter of 2013 and amounted to Skr 72.8 billion, up 25 percent.
Olof Persson
Profitability also improved thanks to higher sales volumes and better capacity utilization in their plants. This means that profit before tax and interest rates -reached Skr3.3 billion. That was a sharp decline from last year but well above expectations of Skr2.8 billion, corresponding to an operating margin of 4.5 percent compared with 0.8 percent in the first quarter.

“After a weak start to the year, the Group’s sales and profitability recovered during the second quarter of 2013. 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 important new trucks for Volvo," writes Volvo CEO Olof Persson, pictured above, commenting on the interim figures.

Some arrows are still pointing in the wrong direction. Sales were lower than expected and fell to Skr72.8 billion from Skr82.9 billion in the corresponding period last year.

Orders for trucks was lower than expected. It landed at 56,349 vehicles. The expectations were an order intake of 57,014 vehicles.

Summary results according to Volvo

In the second quarter, net sales increased by 25percent to SKR 72.8 billion compared to the first quarter. Compared to the second quarter of 2012 sales decreased by 12percent and by 4percent adjusted for currency movements and acquired and divested units.
The second quarter operating income amounted to Skr 3,262 M compared with Skr 482 M in the first quarter of 2013 and Skr 7,709 M in the second quarter of 2012. Compared with the second quarter of 2012, changes in currency exchange rates had a negative impact of Skr 1,210 M.
Operating margin in the second quarter was 4.5percent compared with 0.8percent in the first quarter of 2013 and 9.3percent in the second quarter of 2012.
In the second quarter, earnings per share were Skr 0.99 compared with a negative Skr 0.15 in the first quarter of 2013 and Skr 2.41 in the second quarter of 2012.
In the second quarter, operating cash flow in the Industrial Operations was positive in an amount of Skr 4.1 billion.
During the quarter, Renault Trucks launched a completely new range of trucks for distribution, construction and long-haulage. Volvo Trucks launched four new truck models. Altogether this is the biggest product renewal in the Group’s history.

Scancomark.com Team