Volvo's shares up after record first quarter profits / Photo: SAUL LOEB - AFP/File
-
Toogood Gold's Table Mountain Sits in the Shadow of a Nevada Gold Rush
-
Leverate Launches MCP for Traders to Connect AI Assistants With Trading Platforms
-
MEXC July–August Security Report: 38.66M USDT in Risk Funds Intercepted, Futures Insurance Fund Hits 792M USDT
-
MEXC Launches $1M "Discover Your Wall Street DNA" Campaign to Help Traders Find Their Market Fit
-
'Breathing toxin every day': Indonesians choked by haze feel helpless
-
Emporio Armani names Dario Vitale new creative director
-
Stocks edge higher ahead of US Fed rate call
-
Maresca defends VAR officials after Man City benefit from error
-
Philippines ex-leader Duterte makes first in-person ICC appearance
-
Courts jails LGBTQ activists as Turkey crackdown widens
-
2027 Formula One calendar includes Monaco sprint race
-
French court to hear Depardieu's appeal against rape trial order: sources
-
Palestinians are the real victims, Thunberg tells Ed Sheeran
-
The German state premier hoping to halt far-right surge
-
Hashim Thaci: From 'George Washington of Kosovo' to Hague convict
-
Lebanon wants Israel security deal as prelude to peace: president to AFP
-
Amnesty says Iran committed 'crimes against humanity' in crackdown on 2022 protests
-
England's Brook keen to learn from 'hero' Pietersen after stunning ton
-
EU to ban social media for under 13s, curb access until 15
-
Saudi says Houthis target Mecca, warns of 'red line'
-
Philippines ex-leader Duterte makes first appearance at ICC
-
Phillippines ex-leader Duterte makes first appearance at ICC
-
EU chief pitches 'associate member' status for Canada
-
Lebanon wants Israel security deal, Hezbollah disarmament without confrontation: president to AFP
-
English village votes to 'secede' from UK over asylum centre plan
-
BASIS.pro Expands On-Chain Infrastructure with XDC Network Partnership and Zypher DAO as Auto Earn Goes Live
-
Wildfires push endangered Sumatran elephants to brink: Indonesian NGO
-
Samson relishing battle with teen star Sooryavanshi for India spot
-
Stocks head higher as traders prepare for Fed decision
-
Pickle-flavoured tart? AI inspires Japan's convenience stores
-
English village votes to 'secede' from UK over asylum centre
-
Macau holds first closed-door national security trial
-
Hong Kong unveils plan to align economy with China's goals
-
Bank of Japan set to raise rates under pressure from inflation, US
-
Brazilian voters the latest to eye Bukele security model with envy
-
Zverev, Shelton back on court for Davis Cup qualifiers
-
EU chief hosts Canada's Carney in push to 'deepen' alliance
-
Peace is a 'dangerous' word in Russian city heading to polls
-
EU chief to unveil social media, gaming curbs for under-15s
-
Meta chief pushes back on AI slowdown calls
-
Saudi says Houthis target Mecca, warn of 'red line'
-
'Resident Evil' film brings video game's ethos to the big screen
-
Asian stocks stutter as traders prepare for Fed decision
-
Court orders N. Korea pay Seoul $32.5 mn for blowing up office
-
US touts its power, avoids Iran war at G20 Energy meeting
-
US military buildup in Palau stirs war fears
-
Dead animals, barren fields, and hunger - El Nino chokes Central America
-
US Fed to deliver rate decision with markets betting on hike
-
In hydropowered Bhutan, solar starts to rise
-
Saudi, Egypt demand open Red Sea as Riyadh vows response to Houthi attacks
Volvo's shares up after record first quarter profits
Volvo Group's shares were up seven percent Wednesday after the Swedish truck-maker posted record first-quarter earnings, in a sign of an easing of supply chain disruptions and high costs that have plagued the auto industry.
In a preliminary report on its first-quarter earnings, released late Tuesday, Volvo announced an operating profit of 18.4 billion kronor ($17 billion), an increase of 44.9 percent year-on-year.
Net sales meanwhile rose by 24.8 percent to 131.4 billion kronor for the first quarter.
"It has been on the cards that it would be a very good quarter," financial analyst Hampus Engellau told the Swedish TT news agency.
"This is because price increases for the 2023 models, which have been ordered in the third or fourth quarter, have been implemented, costs for raw materials and energy have come down and there have been less production disruptions."
The news sent Volvo Group shares up over seven percent in the early hours of trading on the Stockholm Stock Exchange.
The auto industry has been hard hit by the supply chain crisis and shortages in raw materials caused by the Covid-19 pandemic lockdowns and the war in Ukraine.
In January, the truck-maker reported a slightly lower profit for 2022, despite a rise in sales, and warned that the "global supply chain for components is still unstable."
The group's full report on its first-quarter earnings will be published on April 20.
A.Williams--AT