OSLO (Reuters) -Truck maker AB Volvo reported file first-quarter income as income and margins rose, a preliminary submitting confirmed late on Tuesday, in an indication the Swedish firm had begun to beat bottlenecks and inflation that hampered the business.
The group’s adjusted January-March working revenue rose 45% year-on-year to 18.4 billion Swedish crowns ($1.76 billion), exceeding the imply expectation of 12.9 billion crowns in a Refinitiv ballot of analysts.
Volvo and rivals corresponding to Germany’s Daimler Truck and Traton have struggled with semiconductor shortages and broader provide chain points and strained freight capability ensuing from the COVID-19 pandemic and the struggle in Ukraine.
Volvo’s preliminary web gross sales for the quarter stood at 131.4 billion crowns, up from 105.3 billion a 12 months in the past, whereas analysts on common predicted 118.6 billion in line with the ballot.
The corporate’s adjusted working margin rose to 14.0% from 12.0% a 12 months in the past, and earnings on the group’s two main divisions, truck making and building gear, each confirmed progress in comparison with the identical quarter of 2022.
($1 = 10.4303 Swedish crowns)
(Reporting by Terje Solsvik; Enhancing by Tom Hogue)
