GOTEBORG, Sweden, April 28, 2003 (PRIMEZONE) -- Volvo (Nasdaq:VOLVY)(Other OTC:VOLVF) (Other OTC:VOLAFK):
"The truck operations improved considerably. Volvo Trucks' sales and earnings in Europe were strong and Renault Trucks continued to increase profitability. In North America Trucks reduced losses and Financial Services returned to profitability in the first quarter. Volvo CE increased sales and earnings despite continued weak market for construction equipment in Europe and North America. The travel and tourist industry remained under severe pressure, which was further intensified by preparations for war in Iraq during the first quarter. The weak demand for travels continued to hold back sales for both Volvo Buses and Volvo Aero," said Leif Johansson, CEO.
First three months
2003 2002
Net sales, SEK M 40 931 40 385
Operating income, SEK M 909 (362)
Income after financial 757 (618)
items, SEK M
Net income, SEK M 506 (746)
Sales growth, % 1.4 (7.7)
Income per share during the 1.20 (1.80)
first quarter, SEK
Return on shareholders' equity during 3.3 (1.6)
most recent 12 months period, %
Operating First three months
income
SEK M 2003 2002
Trucks 527 (474)
Buses (83) (94)
Construction 140 (131)
Equipment
Volvo Penta 159 146
Volvo Aero (6) 78
Financial 212 115
Services
Other (40) (2)
Operating 909 (362)
income
Q1 R&D Capitalization: Total 80, Trucks 41, Buses 3, Construction Equipment 5, Volvo Penta 32, Volvo Aero -1, Financial Services 0 12 months moving order intake for Trucks through March: total -4%, Europe -9%, North America +1%
For more information, please see the full report, which is available on www.volvo.com.
This information was brought to you by Waymaker http://www.waymaker.net
The following files are available for download:
http://www.waymaker.net/bitonline/2003/04/28/20030428BIT00030/wkr0001.doc
http://www.waymaker.net/bitonline/2003/04/28/20030428BIT00030/wkr0002.pdf