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.