Volvo returns to profit

By Steve Skinner26 April 2010

Out-going Volvo president & CEO, Olof Persson.

Out-going Volvo president & CEO, Olof Persson.

Volvo Construction Equipment's (Volvo CE) sales for the first quarter of 2010 rose +36% to SEK 11.1 billion (US$ 1.5 billion), up from SEK 8.1 billion (US$ 1.1 billion) for the same period last year.

While sales in North America slipped -23% from SEK 1.7 billion (US$ 249 million) to SEK 1.3 billion (US$ 192 million), sales in Europe remained static at SEK 3 billion (US$ 428 million) and all other regions recorded double or triple digit growth.

Sales in Asia rose +114% to SEK 5.2 billion (US$ 732 million), up from SEK 2.4 billion (US$ 342 million) 12 months ago, while in South America sales jumped +106% to SEK 801 million (US$ 111 million), up from SEK 388 million (US$ 54 million).

President and CEO, Olof Persson said, "Following a difficult 2009 Volvo Construction Equipment has made a strong start to 2010. We have been particularly successful in developing our business in China, demonstrated by our +114% growth in sales in Asia during the first quarter.

"With a global economy that is returning to growth, Volvo has every reason to be optimistic about the future," he said.

Latest News
Rental Briefing: daily newsletter for rental sector being launched by KHL
Newsletter will provide analysis, comment and insight into the global industry
Work progresses on Four Frankfurt project
T1, the highest tower in the quartet, will have a height of 233m
Construction equipment bodies respond to UK’s net zero shift
Association bosses say ‘softer package’ sends wrong message to the industry