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Volvo Group Q1 Adj. Operating Income Rises; Adj. Sales Up 11%

Volvo Group (VOLVY.PK) reported that its economic activity continued to be good in first quarter 2022 with high transport volumes and good construction activity in most markets. Compared with a year ago, the company recorded higher adjusted operating income mainly due to price realization and improved vehicle and service volumes.

First quarter adjusted operating income increased to 12.7 billion Swedish kronor from 11.8 billion Swedish kronor, prior year. The company noted that it achieved an adjusted operating margin of 12.0% compared to 12.6%, despite a challenging supply chain situation.

Income for the period to owners of AB Volvo declined to 7.03 billion kronor from 8.84 billion kronor, prior year. Earnings per share was 3.46 kronor compared to 4.35 kronor. Reported operating income was 8.56 billion kronor compared to 12.07 billion kronor, last year. The company noted that this included a negative effect from
provisioning of assets related to Russia in an amount of 4.12 billion kronor.

First quarter net sales grew by 12% to 105.3 billion Swedish kronor. Net sales, excluding UD Trucks, was 105.32 billion kronor compared to 88.58 billion kronor. Adjusted for currency movements and the divestment of UD Trucks, the increase in sales was 11%.

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