STOCKHOLM (Reuters) -Swedish truck maker AB Volvo (OTC:) reported on Friday a bigger drop than expected in third-quarter adjusted operating profit and said demand continued to normalise in most of its
markets.
Adjusted operating profit was 14.1 billion crowns ($1.34 billion against a year-earlier 19.3 billion and a mean forecast in an LSEG poll of analysts of 15.6 billion, on a sales drop of 12%.
Truck makers have this year experienced an expected slowdown in demand as markets normalise following a post-pandemic spike.
Volvo predicted next year’s European and North American heavy truck markets would total 290,000 and 300,000 vehicles, respectively.
It said it now sees this year’s European heavy truck market at 300,000 new vehicles, up from 290,000 seen in July. It said it still sees this year’s North American heavy truck market at 290,000 vehicles.
($1 = 10.5328 Swedish crowns)
