Volvo Trucks said Q4 2020 net sales amounted to SEK96.9bn versus SEK105.4n a year ago. Adjusted for currency movements, net sales increased by 1%.

Adjusted operating income rose to SEK10,934m from SEK9,223m, corresponding to an adjusted operating margin of 11.3% (8.8%).

Reported operating income rose to SEK12,215m (SEK9,379m).

Currency movements had a negative impact on operating income of SEK1,770m.

Earnings per share rose to SEK4.53 (SEK3.27).

Operating cash flow in industrial operations was SEK16,668m (SEK19,856m).

"The supply chain is strained inmany areas and there will be production disturbances and increased costs at least in Q1 2021," the truck maker noted.

Full year net sales fell to SEK338.4bn from SEK432bn.

Adjusted operating was SEK28,564m versus SEK47,910m, corresponding to an adjusted operating margin of 8.4% (11.1%).

Reported operating income was SEK27,484m (SEK49,531m).

Earnings per share were SEK9.50 (SEK17.64).

Operating cash flow fell to SEK18,545m from SEK38,309m.

The board has proposed an ordinary dividend of SEK6 per share (0) and an extra dividend of SEK9 per share (0).

"In 2020, the global pandemic presented us with challenges that are unprecedented in modern times. Together with business partners and suppliers, we supported our customers through all stages of the crisis. We handled dramatic fluctuations in demand while taking decisive steps forward towards tomorrow's fossil-free transport system. We demonstrated that we have significantly improved our volume and cost flexibility, which were crucial factors behind our earnings resilience in 2020," said president and CEO Martin Lundstedt.

"Despite a loss of almost SEK100bn in revenues, we were able to deliver an adjusted operating income of SEK28.6bn with a margin of 8.4%."