Transport Topics Magazine
Diversified truck manufacturer Volvo AB reported a surge in net income as well as record revenue for 2017 as truck demand remains high in Europe and is increasing in North America and Brazil.
Quarterly gains were less dramatic.
Net income for the quarter, ended Dec. 31, rose to the equivalent of $628 million, or 30 cents a share, on sales of $11.6 billion. In the same year-ago quarter, net income was $613 million, or 30 cents, on sales of $10.5 billion.
For the full year, net income surged 59% to $2.7 billion, or $1.31, on record sales of $42.5 billion. That compares with net income of $1.7 billion, or 82 cents, on sales of $38.3 billion in the 2016 period.
“2017 was a very strong and solid year for Volvo Group. It was the best year ever both when it comes to sales and in operating income. We have had strong markets on the truck side obviously and good progress for all our truck makes. We have also had a strong market for Volvo construction equipment,” CEO Martin Lundstedt said... To Continue Reading, CLICK HERE