GOTEBORG, Sweden, Oct. 23, 2003 (PRIMEZONE) -- Volvo (Nasdaq:VOLVY)(Other OTC:VOLVF) (Other OTC:VOLAFK):
Third quarter First nine months 2003 2002 2003 2002 Net sales, SEK M 40 511 41 524 126 035 131 203 Operating income, SEK M 1 617 817 4 768 2 014 Income after financial 1 298 584 4 098 1 276 items, SEK M Net income, SEK M 956 421 3 184 755 Sales growth, % (2.4) 0.9 (3.9) (0.6) Income per share, SEK 2.30 1.00 7.60 1.80 Return on shareholders' equity during most 5.0 0.3 recent 12 months period, %
-- The new Volvo NH and Volvo VM trucks have been introduced in South America. In addition, Volvo Penta launched a completely new product offering for leisure boats. -- Net sales for the third quarter 2003 amounted to SEK 40,511 M (41,524). -- Strong improvement in truck operations due to improved results in North America and a favorable earnings trend in Europe within both Renault Trucks and Volvo Trucks. -- Net income increased to SEK 956 M (421) in the third quarter. -- Income per share for the third quarter amounted to SEK 2.30 (1.00). Income per share for the most recent 12-month period was SEK 9.10. -- Cash flow after net investments excluding Financial Services was negative in an amount of SEK 0.8 billion in the third quarter (negative: 0.9).
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