STOCKHOLM (Reuters) – AB Volvo reported a bigger-than-expected rise in second-quarter operating profit on Thursday, as the Swedish truckmaker said demand was returning to normal after high levels seen in 2023.
Operating profit rose to 20.3 billion crowns (1.76 billion euros), compared with 14.6 billion crowns the previous year and above analysts’ expectations of 18.0 billion crowns in a LSEG consensus.
“The Volvo Group delivered good profitability as demand in many markets continued to normalize from the high levels of 2023,” said CEO Martin Lundstedt.
The Gothenburg-based company has raised its forecast for the entire European heavy-duty truck market this year to 290,000 new units, up from a previous forecast of 280,000.
The forecast for the North American heavy-duty truck market remained unchanged at 290,000 units.
The group has revised downwards its forecast for the Chinese market for medium and heavy trucks, bringing it down from 800,000 to 750,000 units.
(Report by Johan Ahlander, by Elena Smirnova, edited by Augustin Turpin)
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