STOCKHOLM (Reuters) – AB Volvo reported a larger-than-expected rise in third-quarter adjusted operating profit on Wednesday and reiterated its forecast for 2023, while anticipating a slowdown in the heavy-duty truck market for Europe and North America next year.
The Swedish manufacturer reported an adjusted operating profit, excluding costs linked to its exit from Russia, of 19.1 billion crowns (around 1.66 billion euros) in the third quarter, an increase by compared to 11.9 billion crowns the previous year and above the 16.4 billion crowns forecast by a poll of LSEG analysts.
AB Volvo expects to sell 290,000 heavy-duty trucks in the European and North American markets respectively in 2024.
The company reiterated its forecast for this year for the heavy-duty truck market in North America, but raised its forecast for Europe to 340,000 trucks.
Forecasts shared in July anticipated 330,000 units for each region.
“We expect our core truck markets to remain strong throughout this year as we continue to deliver large order books to our customers, but we forecast weaker market levels for next year ” Director General Martin Lundstedt said in a statement.
(Report by Marie Mannes and Marta Frąckowiak, by Stéphanie Hamel, edited by Kate Entringer)
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