View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
April 22, 2022

Volvo Group Q1 sales rise

Operating income hit by Russia events.

By Graeme Roberts

Volvo Group, the heavy truck and equipment maker, said first quarter 2022 sales rose 12% year on year to SEK105.3 billion.

Adjusted operating income was SEK12,681 million (SEK11,821 million a year ago), but adjusted operating margin dipped to 12% from 12.6%.

Reported operating income fell to SEK8,556 million (SEK12,067 million), including a negative hit of SEK 4,125 million from provisioning of assets related to Russia.

Currency movements had a positive impact on operating income of SEK1,267 million.

Earnings per share fell to SEK3.46 from SEK4.35.

“Economic activity continued to be good in Q1 2022 with high transport volumes and good construction activity in most markets,” said president and CEO Martin Lundstedt.

“We increased sales and improved profitability. The high business activity combined with our growing service contract portfolio resulted in continued good service growth, which was up by 19%.”

He added the adjusted operating margin of 12% was achieved “despite a challenging supply chain situation”.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Monday. The industry's most comprehensive news and information delivered every quarter.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy


Thank you for subscribing to Just Auto