GOTEBORG, Sweden, Oct. 24, 2002 (PRIMEZONE) -- Volvo (Nasdaq:VOLVY):
Nine month report
Leif Johansson, CEO said, "Despite the difficult business climate, the Group's third -- and usually weakest quarter -- contained a number of positive trends. Most important is the increased contribution from the truck operations, where we now see clear effects of synergies. In Western Europe, the demand for the new Volvo and Renault models continued to be strong. Both brands gained market shares and showed improved profitability. We have also noted underlying improvements in North America, even though the sales increase primarily was a result of the peak linked to the implementation of the new emission standard. On the negative side, the deep downturn in the aviation industry seriously affected our aerospace operations in the third quarter, which is reflected in the on-going adjustments of capacity."
First nine months 2002 2001 Net sales, SEK M 131,203 131,982 Operating income excluding restructuring 2,014 2,413 costs, SEK M Operating income, SEK M 2,014 (312) Income after financial items, SEK M 1,276 (1,319) Net income, SEK M 755 (980) Sales growth, % (1) 51 Income per share during most recent 12 0.60 0.70 months period, SEK Return on shareholders' equity, % 0.3 2.4 Operating income Third quarter First nine months SEK M 2002 2001 2002 2001 Trucks 673 (340) 682 449 Buses (84) (185) (127) (293) Construction Equipment 120 266 453 755 Volvo Penta 117 141 488 530 Volvo Aero (72) 118 46 564 Financial Services 126 69 361 245 Other (63) (281) 111 163 Operating income* 817 (212) 2 014 2 413 Restructuring costs - (1 406) - (2 725) Operating income 817 (1 618) 2 014 (312) *excl restructuring costs Q3 R&D Capitalization: Total 289, Trucks 184, Buses 20, Construction Equipment 36, Volvo Penta 16, Volvo Aero 33 Q3 Pension Foundation deficit: Total 302, Trucks 99, Buses 14, Construction Equipment 45, Volvo Penta 18, Volvo Aero 41, Financial Services 1, Other 84
For more information, please see the full report, which is available on www.volvo.com. AB Volvo, October 24, 2002
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