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July 20, 2021

Volvo Group enjoys a “good” second quarter

The truck making group, now minus UD, was happy with the Q2 results.

By Graeme Roberts

Truck maker Volvo Group said second quarter 2021, demand for its products and services “continued to be good”.

Sales reached SEK90.6bn (up 24% year on year) and adjusted operating income of SEK 9.7bn compared with SEK3,272bn in pandemic hit Q2 2020.

“In a quarter when shortages of semiconductors as well as other production materials resulted in substantial production stoppages affecting both volume and costs negatively, we achieved an adjusted operating margin of 10.7%,” said president and CEO Martin Lundstedt.

Reported operating income was SEK11,384m (SEK388m).

Currency movements hit operating income by SEK1,532m and earnings per share returned to black ink at SEK4.38 (SEK-0.14).

Operating cash flow improved to SEK5,932m from SEK-5,718m.

The group sold UD Trucks on 1 April and distributed proceeds of SEK19bn to shareholders this month.

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