Truck maker Volvo posts record Q1 as sales, margins beat forecasts

Volvo did not elaborate on what had spurred its turnaround and did not provide a profit outlook in Tuesday's statement. The company will report full first-quarter 2023 earnings on April 20.

The group's adjusted January-March operating profit rose 45% year-on-year to 18.4 billion Swedish crowns (€1.6bn), exceeding the mean expectation of 12.9 billion crowns. Pic: Denis Scannell /Volvo Logo

Truck maker Volvo reported record first-quarter profit as revenue and margins rose, a preliminary filing showed late on Tuesday, in a sign the Swedish company had begun to overcome bottlenecks and inflation that had hurt the industry.

The result was far above analysts' expectations and came even after the Swedish company said as recently as January it expected "disturbances, stoppages and extra costs" to persist, with soaring inflation and the energy crisis adding to the pain.