GOTEBORG, Sweden, April 22, 2002 (PRIMEZONE) -- Volvo (Nasdaq:VOLVY):
"The first three months were also characterized by intensive efforts to phase in the new products that were launched in the second half of 2001. This particularly applied to Volvo Trucks, which is currently implementing the most extensive model replacement program ever. As previously announced, this replacement resulted in extensive ramp up activities in both production and for our suppliers. The most intensive part of the replacement process is over and production will start to catch up with orders in the second quarter. The strong demand for the trucks is of course a very positive sign, even if it has not improved earnings yet. Volvo CE is also going through an important product replacement phase, as the new generation of wheel loaders and excavators are set in production. The extended range of compact equipment has been very well received. Volvo CE's order intake increased significantly during the first quarter. Volvo Aero's sales and operating income dropped, mainly depending on the effects from September 11, which started to affect aerospace services during the first quarter. September 11, has also affected Volvo Buses with lower demand for coaches," said Leif Johansson, CEO.
2002 2001
Net sales, SEK M 40 385 43 750
Operating income (loss)
excluding restructuring
costs, SEK M (362) 502
Operating income (loss),
SEK M (362) (817)
Income (loss) after
financial items, SEK M (618) (1 251)
Net income (loss), SEK M (746) (801)
Sales growth, % (8) 55
Income (loss) per share
during most recent
12 months period, SEK (3.40) 6.40
Return on shareholders'
equity, % (1.6) 2.9
Operating income First three months 12-month Jan - Dec
SEK M 2002 2001 rolling 2001
values
Trucks (474) 150 416 1 040
Buses (94) (83) (535) (524)
Construction
Equipment (131) 81 679 891
Volvo Penta 146 167 637 658
Volvo Aero 78 160 571 653
Financial Services 115 113 327 325
Other (2) (86) 227 143
Operating income
(loss) (1) (2) (362) 502 2 322 3 186
Restructuring
costs 0 (1 319) (2 543) (3 862)
Operating income
(loss) (362) (817) (221) (676)
(1) excluding restructuring costs
(2) including SEK 181 M negative effect from Volvo Pension foundation
For more information, please see the full report, which is available on www.volvo.com.
The Volvo Group is one of the world's leading manufacturers of trucks, buses and construction equipment, drive systems for marine and industrial applications and aircraft engine components. The Group also provides complete solution for financing and service. The Group has about 71,000 employees, production in 25 countries and operations are carried out in more than 185 markets. Annual sales of the Volvo Group amount to nearly SEK 180 billion.
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