Volvo Construction Equipment (Volvo CE) has announced a 20% increase in its net sales for Q4 2016, compared with the same period in the previous year.
The Swedish firm’s figures for net sales is reported at SEK 13,110 million (US$ 1.5 billion), while its adjusted operating income stands at SEK 494 million (US$ 56.6 million).
Volvo CE also revealed its order intake increased by 35% in the reporting period, saying orders were up in all markets, but had made significant gains in China and Europe.
The firm’s figures for European orders were up 46%, while its figures for Asia (primarily boosted by China) were up 29%.
Volvo said it had also made good progress in North America (up 35%), but noted that this was rising from low levels of orders in 2015.
Martin Weissberg, president of Volvo CE, said that, while the results pointed to a strong end to the year from the firm, global demand for construction equipment had remained relatively flat for 2016, taken as a whole. He did, though describe, “signs of progress in Asia.”
He was also optimistic about the firm’s core products, saying, “Volvo shows positive signs of growth in our stronghold segments of excavators, wheel loaders and articulated haulers. The ongoing work to improve Volvo CE’s competitiveness is yielding results.”