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Volvo truck maker turns Q1 profit on strong sales

Sweden's Volvo turns a first-quarter profit on strong sales, success of new trucks

Associated Press

STOCKHOLM (AP) -- Swedish truck maker AB Volvo says strong first-quarter sales and cost cuts helped it return to profitability during the period.

In a statement, the Goteborg-based group said Friday it made a net profit of 1.1 billion kronor ($170 million) during the period compared with a loss of 248 million kronor last year.

The group says demand improved in North America, western Europe and Japan and that its new heavy-duty trucks continued to be competitive, having "advanced" their position in the market with increased deliveries.

Revenue in the three-month period grew 13 percent to 65.6 billion kronor from 58.3 billion a year earlier.

CEO Olof Persson said plans to improve profitability had been successful but cautioned that "there is still more work to do" to cut costs.