Volvo truck maker turns Q1 profit on strong sales

STOCKHOLM (AP) -- Swedish truck maker AB Volvo says strong first-quarter sales and cost cuts helped it return to profitability during the period.

In a statement, the Goteborg-based group said Friday it made a net profit of 1.1 billion kronor ($170 million) during the period compared with a loss of 248 million kronor last year.

The group says demand improved in North America, western Europe and Japan and that its new heavy-duty trucks continued to be competitive, having "advanced" their position in the market with increased deliveries.

Revenue in the three-month period grew 13 percent to 65.6 billion kronor from 58.3 billion a year earlier.

CEO Olof Persson said plans to improve profitability had been successful but cautioned that "there is still more work to do" to cut costs.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Top Stories

  • On the Eastside
    An on-going investigation underscores a growing sex-trafficking problem in Bellevue

  • Holding Out
    Former Seahawk Michael Robinson says you won't see Marshawn Lynch at training camp
ATTENTION COMMENTERS: We've changed our comments, but want to keep you in the conversation.
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.
comments powered by Disqus
Sign up for breaking news e-mail alerts from MyNorthwest.com
In the community
Do you know an exceptional citizen who has impacted and inspired others?
KIRO Radio and WSECU would like to recognize six oustanding citizens this year. Nominate them to be recognized and to receive a $2,000 charitable grant.