Volvo Group Clocks 18% Sales Growth In Q2

Swedish truckmaker Volvo VLVLY reported second-quarter FY23 sales growth of 18% year-on-year to SEK 140.8 billion versus SEK 118.9 billion last year.

The adjusted operating income for the quarter jumped 58% Y/Y to SEK 21.732 billion and the adjusted operating margin expanded 380 basis points to 15.4%.

"We have been successful in improving margins while managing cost inflation and increased disturbances in the supply chain," said CEO Martin Lundstedt.

Also Read: Volvo Cars June Sales Jump 33% As EV Sales Quadruple

The positive impact of currency movements on operating income was SEK 817 million.

EPS of SEK 5.30 in the quarter increased from SEK 5.14 last year.

The operating cash flow for industrial operations amounted to SEK 12.553 billion.

Also Read: Volvo Partners With Sweden's Vattenfall For Renewable Electricity

Price Action: VLVLY shares closed higher by 1.58% at $21.87 on Tuesday.