10/18/2019, 9:44 AM (Source: TeleTrader)
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Volvo Group net sales rise 7% to €9.2B in Q3

Volvo Group said on Friday its net sales in the third quarter of 2019 jumped 7% to 98.7 billion Swedish kronor (€9.2 billion) from SEK 92.3 billion a year earlier. Operating income increased 6.8% to SEK 10.9 billion from SEK 10.3 billion in the same period year before. Meanwhile, earnings per share remained unchanged, at SEK 3.67.

However, the company noted order intake of its trucks sank for more than 46% to only SEK 35.7 billion.

President and CEO, Martin Lundstedt, noted the company continued to deliver solid profitability. "Our service revenues were stable in the quarter, as a result of continued good activity levels and fleet utilization among our customers. On the other hand, demand for new vehicles is declining and we are facing a period of tougher market conditions," he said.

Breaking the News / TF