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Volvo profits up, cautious on outlook

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Volvo profits up, cautious on outlook
16:50 CEST+02:00
Sweden's Volvo Group, the world's second-largest truck maker, reported strong second quarter earnings Friday but kept its forecasts unchanged on caution at the global economic outlook.

For the three months to June, Volvo Group -- which owns of Volvo Trucks, Renault Trucks and Mack -- said its earnings rose 62 percent from the same period last year to 5.12 billion kronor ($814 million).

Analysts surveyed by Dow Jones Newswires had expected a net profit of 4.93 billion kronor.

Sales jumped 15 percent to 79 billion kronor, slightly below analyst forecasts for 79.9 billion kronor.

Volvo chief executive Leif Johansson said the company maintained its sales outlook for the year, but that it remained vigilant as the world economy was showing signs of sluggishness.

”Going forward, I am convinced that the Group will continue its positive development. Our intensive efforts to develop and launch a large number of new products that will reach the market in the next few years continue” said Volvo Group President and CEO, Leif Johansson, in a comment on the report.

The results pushed the Volvo share price up nearly five percent in early trading.

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