Volvo raises sales forecast after Q2 profits increase

STOCKHOLM, July 19 (Reuters) – Swedish truckmaker AB Volvo posted higher-than-expected second-quarter adjusted operating profit growth on Wednesday and upgraded its outlook for Europe and North America.

Operating income before restructuring and settlement of legal claims was SEK 21.7 billion (USD 2.12 billion), up from SEK 13.8 billion in the same quarter of 2022 and beating Refinitiv analysts’ average forecast of SEK 18.4 billion.

Volvo also said it expects to sell 330,000 heavy-duty trucks in the European market and a similar number in North America, raising its April forecast from 320,000 units in each of these markets.

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