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Volvo Q2 income up significantly

Christian Fernsby |
Volvo Group reported Tuesday that its second quarter income grew significantly to 9.06 billion Swedish kronor from last year's 44 million kronor.

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Earnings per share amounted to 4.38 kronor, compared to prior year's loss of 0.14 krona.

Operating income surged to 11.38 billion kronor from 388 million kronor a year ago. Adjusted operating income amounted to 9.73 billion kronor, compared to 3.27 billion kronor last year. Adjusted operating margin was 10.7 percent, compared to 4.5 percent in the prior year.

Net sales increased 24 percent to 90.6 billion kronor from prior year's 73.2 billion kronor. Adjusted for currency movements and the divestment of UD Trucks, net sales increased 43 percent.

Martin Lundstedt, President and CEO, said, "During Q2 2021, demand for the Volvo Group's products and services continued to be good. ... In a quarter when shortages of semiconductors as well as other production materials resulted in substantial production stoppages affecting both volumes and costs negatively, we achieved an adjusted operating margin of 10.7 percent."

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