STOCKHOLM (Reuters) – Swedish truck maker AB Volvo (OTC:) on Friday reported a larger-than-expected decline in third-quarter adjusted operating profit and said demand in most countries
markets.
Adjusted operating profit was 14.1 billion kroner ($1.34 billion compared with 19.3 billion a year earlier and the average forecast in the LSEG analyst survey of 15.6 billion, with sales down 12%).
Truck makers have felt an expected slowdown in demand this year as markets normalize after a post-pandemic surge.
Volvo predicted that next year’s truck market in Europe and North America would be 290,000 and 300,000 vehicles, respectively.
It said this year’s European truck market will now see 300,000 new vehicles, up from 290,000 recorded in July. It said this year’s North American truck market would still be 290,000 vehicles.
($1 = 10.5328 Swedish krona)
