Strong growth for Volvo Group in Q3

Worldwide
Published:  28 October, 2022
Credit: Volvo

Volvo Group has reported its financial results for the third quarter of the 2022 financial year, with strong results.

Net sales for the third quarter increased by 35% to SEK114.9 billion (US$10.46 billion), with adjusted operating income of SEK11.9 billion (US$1.08 billion) and an adjusted operating margin of 10.3%.

Martin Lundstedt, President and CEO of the group, noted: “In most regions, our customers continue to benefit from high transport and infrastructure activity, reflected in good service sales, which grew by 10%, adjusted for currency.

“Overall, demand for our products also remain good and order backlogs in many markets are extended with long lead times. In order to manage the quality in the order books and increasing cost inflation, we continue to be restrictive in slotting orders for production far into the future.

“There is an increase uncertainty about the macroeconomic development, and therefore we continue to have high focus on flexibility to be able to quickly adapt to changes in demand. Costs related to energy, material and supply chain disruptions continue to increase, constituting a challenge, and we work activity to try to compensate for these effects.”