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Volvo Earnings

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Truck maker A-B Volvo has posted a 23 per cent increase in first-quarter earnings.

The better-than-expected results sent Volvo shares soaring nearly seven per cent on the Stockholm exchange.

Volvo, which sold its car division to U-S-based Ford Motor Company in 1999, says its net profit in the first three months of the year was 531 (m) million dollars U-S.

The Swedish company says demand for trucks in both Europe and North America was stronger than expected.

C-E-O Leif Johansson says order bookings in North America were extremely high during the first quarter, and Volvo has already sold nearly all of it entire annual production for this year.

The company has also upgraded its forecast for the total market sales of heavy trucks in Europe and in North America this year.

Volvo, which also makes buses, construction equipment and engines, reported higher sales in all its business areas.

(AP)

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Volvo Earnings
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