Economy

Volvo truck maker turns Q1 profit on strong sales

STOCKHOLM (AP) — Swedish truck maker AB Volvo says strong first-quarter sales and cost cuts helped it return to profitability during the period.

In a statement, the Goteborg-based group said Friday it made a net profit of 1.1 billion kronor ($170 million) during the period compared with a loss of 248 million kronor last year. The group says demand improved in North America, western Europe and Japan and that its new heavy-duty trucks continued to be competitive, having "advanced" their position in the market with increased deliveries.

Revenue in the three-month period grew 13 percent to 65.6 billion kronor from 58.3 billion a year earlier. CEO Olof Persson said plans to improve profitability had been successful but cautioned that "there is still more work to do" to cut costs.

Related Headlines

  • Volvo to cut 4,400 jobs in 2014

    Truck maker AB Volvo said it plans to lay off 4,400 employees this year as it revealed a 37 percent slide in fourth quarter profits. Volvo CEO Olof Persson said the job ... 

  • Volkswagen gives cautious outlook for rest of year

    German automaker Volkswagen gave a cautious outlook for the year ahead Thursday after announcing a modest rise in 2013 earnings. The company warned of a "difficult market ... 

  • Nestle: consumer demand to remain weak in 2014

    Nestle, the world's biggest food and drinks maker, said Thursday it expects 2014 to be just as challenging as last year amid falling growth in emerging markets and weaker ... 

Find the best rates

Find your future job here