P.M. BRIEFING : Volvo Earnings Plunge 47%
Swedish auto maker AB Volvo reported today that its first-quarter earnings plummeted 47%, largely because of weak vehicle markets in the United States and Europe as well as high costs.
Profits after net financial items during the quarter fell to $174 million from $332 million a year earlier, Volvo said.
Sales in the quarter were $3.60 billion, a 3% reduction from a year earlier after adjustments for asset sales. The car and truck divisions each recorded 4% declines in sales volume, and deliveries also fell.