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Volvo Group Q2 Profit Rises - Quick Facts

Volvo Group (VOLVY.PK) reported Thursday that its net income attributable to equity holders of the parent company for the second quarter increased to 11.13 billion Swedish kronor from last year's 9.22 billion kronor, with earnings per share improving to 5.47 kronor from 4.53 kronor in the prior year.

The company noted that increased vehicle volumes were the main contributor to the profit improvement.

Adjusted operating income amounted to 15.11 billion kronor, up from 11.52 billion kronor last year. The prior-year quarter's results excluded a capital gain of 818 million kronor.

The higher operating income was mainly due to increased vehicle sales, improved prices and mix as well as higher capacity utilization in the industrial system. This was partly offset by higher R&D expenses as well as selling expenses.

Net sales for the quarter increased 16 percent to 120.69 billion kronor from 103.62 billion kronor last year. Adjusted for currency movements, net sales increased by 11 percent.

The company noted that its net sales and adjusted operating income figures were the highest ever it had in a quarter so far.

Vehicle sales increased by 13 percent adjusted for currency movements, primarily driven by higher volumes of trucks, construction equipment and buses. Adjusted for currency movements, service sales increased by 3 percent.

Truck deliveries increased by 10 percent to 65,237 vehicles in the quarter, while net order intake in the quarter decreased by 21 percent to 47,821 trucks.

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