Truck maker Volvo reportedly beat expectations with a 53% jump in first-quarter pre-tax earnings on Monday, but concern about weak growth in its biggest market, Europe, pulled its shares lower.
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Reuters said Volvo reported pre-tax profit of 4.6 billion crowns ($US655.7 million), up from 3.0 billion a year earlier and better than all forecasts in a Reuters poll of 13 analysts, which ranged from 3.0 billion to 4.5 billion crowns.
The company reportedly said growth in the European truck market could be at the lower end of a previous forecast range and that pulled its share price lower in early Monday trading.
Reuters said Volvo affirmed its forecast of the European truck market growing by up to 5%, but added that truck orders in Europe weakened in the first quarter.
Volvo, which sells trucks under the Mack and Renault brands as well as its own name, reportedly was more upbeat on North America, reiterating a truck market forecast growth of 15 to 20% this year.
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