Truckmaker Scania topped the average SKR246m estimate in a Reuters poll of 16 analysts by posting third quarter operating earnings of SKR519m (US$76m) though this was down from SKR2.82bn a year ago.
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“EBIT was better due to the cost savings biting better while at the same time they have raised capacity utilisation during the quarter,” Handelsbanken analyst Hampus Engellau told the news agency.
“The order intake during the quarter is up for the third quarter in a row, and all in all it is better than expected on the back of Europe and Latin America.”
Scania said truck orders fell 6% year on year in the third quarter compared with a 55% drop in the previous quarter.
“Compared to the second quarter of 2009, total truck order bookings increased by 30% and surpassed the level of deliveries,” the company said.
“The European truck market is characterised by low economic activity, but in Scania’s judgement the downturn in western European demand has now levelled off.”
In Latin America, demand remained relatively strong while some recovery was seen in Asia, Scania added.
Scania, majority-controlled by Volkswagen, said sales fell to SKR13.4bn from SKR20.4bn a year ago to come in just below the SKR13.6bn expected by analysts.
