A preliminary filing late Tuesday revealed that truck maker AB Volvo (VOLVb.ST) had overcome industry constraints and inflation to announce record first-quarter earnings as sales and margins climbed.
A Refinitiv poll of experts predicted 12.9 billion Swedish crowns for the group’s adjusted January-March operating profit, which jumped 45% to 18.4 billion crowns ($1.76 billion).
Volvo, Daimler Truck (DTGGe.DE), and Traton (8TRA.DE) have suffered from semiconductor shortages, supply chain challenges, and freight capacity due to the COVID-19 pandemic and the Ukrainian war.
Volvo’s prior quarter net sales were 131.4 billion crowns, up from 105.3 billion a year earlier, while experts projected 118.6 billion.
The company’s adjusted operating margin grew to 14.0% from 12.0% a year earlier, and earnings at its two key divisions, truck building, and construction equipment, improved compared to the same quarter of 2022.
