Volvo sees higher sales and profits
Swedish truck maker Volvo on Tuesday reported higher sales and profits in the second quarter despite the company still feeling the effects of global supply chain disruptions.
The world's number two truck maker reported a better than expected revenue of 118.9 billion Swedish kronor ($11.4 billion) and a net profit of 10.5 billion. Analysts had predicted an average of 107 billion in revenue and 8.9 billion in net profit, according to a survey by Factset.
"In this quarter, we have had extra costs related to supply chain disruptions as well as higher costs for material and have continued to work proactively and successfully with price management to mitigate these effects," Martin Lundstedt, CEO of Volvo, said.
"The situation in the global supply chain for semiconductors and other components continues to be unstable, characterised by disruptions, unpredictability and lack of freight capacity," he noted.
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