Volvo Posts Q3 Sales Growth Of 15% On Higher Deliveries

Swedish truckmaker Volvo AB VLVLY reported Q3 FY23 sales growth of 15% Y/Y and 9% Y/Y (adjusted for currency) to SEK 132.4 billion ($12.24 billion).

Net sales in the truck business rose 13% Y/Y (adjusted for currency) to SEK 89.9 billion, on strong sales across almost all regions. 

Order intake of new trucks declined by 27% Y/Y to 47,202 vehicles, while deliveries increased by 4% Y/Y to 55,274 trucks in the quarter. 

The adjusted operating income for the quarter jumped 61% Y/Y to SEK 19.114 billion, and the adjusted operating margin expanded to 14.4% from 10.3% a year ago.

The positive impact of currency movements on operating income was SEK 1.165 billion.

EPS of SEK 6.93 in the quarter increased from SEK 4.24 last year.

The operating cash flow for industrial operations amounted to SEK 5.609 billion in Q3.

As of September 30, 2023, cash and equivalents stood at SEK 65.148 billion. 

Also Read: Amazon Strikes Deal With Volvo's India JV For 1,000 Electric Trucks

"We are driving the development in digitalization, electromobility and autonomy towards our net zero commitments with more efficient transport and infrastructure solutions. Our ability to maintain strong profitability is essential to keep the investment pace needed in the transformation of our industries," said Martin Lundstedt, President & CEO.

Also Read: Renault, Volvo And Shipping Company CMA CGM Join Hands For New Line Of Electric Vans