AB Volvo truck orders tumble after profit beats forecast in third quarter

Business

FILE PHOTO: The logo of Swedish truck maker Volvo is pictured at the IAA truck show in Hanover, September 22, 2016. REUTERS/Fabian Bimmer/File Photo

STOCKHOLM (Reuters) – Sweden’s AB Volvo (VOLVb.ST) on Friday reported a sharp fall in order intake of its heavy-duty trucks in the third quarter and forecast double-digit percentage declines in commercial vehicles markets on both sides of the North Atlantic next year.

Volvo said order intake of its trucks, which include brands such as Mack, Renault and UD Trucks, fell 45 percent in the third quarter. Several analysts were forecasting declines of just over 30% in research notes released ahead of the report.

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Operating profit at the maker of trucks, construction equipment, buses and engines rose to 10.9 billion Swedish crowns ($1.12 billion) from 10.2 billion a year ago, topping analysts’ mean forecast of 10.0 billion, according to Refinitiv data.

Reporting by Niklas Pollard; editing by Johannes Hellstrom

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