“The first quarter of 2021 was characterized by high activity among our customers, which was reflected in good demand for both new products and services. Compared with the first quarter of 2020, our net sales increased by 3% to SEK 94.0 billion. The good sales volumes, not least in the service business, and our own measures to keep costs down contributed to the adjusted operating income improving to SEK 11.8 billion (7.1). The adjusted operating margin increased to a historically high 12.6% (7.8),” says Martin Lundstedt, President and CEO.
- In Q1 2021, net sales increased by 3% to SEK 94.0 billion (91.4). Adjusted for currency movements, net sales increased by 13%.
- Adjusted operating income1 amounted to SEK 11,821 M (7,140), corresponding to an adjusted operating margin of 12.6% (7.8).
- Reported operating income amounted to SEK 12,067 M (7,374).
- Currency movements had a negative impact on operating income of SEK 1,125 M.
- Earnings per share amounted to SEK 4.35 (2.30).
- Operating cash flow in the Industrial Operations amounted to SEK 5,665 M (-4,117).
- Volvo Group and Daimler Truck AG completed creation of fuel-cell joint venture cellcentric.
- On April 1, Volvo Group and Isuzu Motors completed the UD Trucks transaction as part of the strategic alliance.
- Shortage of semiconductors impacting production.
SOURCE: Volvo Group