Truck maker Volvo returns to profit in Q3

AP News
Posted: Oct 22, 2010 4:07 AM

Swedish truck maker AB Volvo has returned to a profit in the third quarter, helped by strong demand in Brazil, India and China as well as a recovery in its mature markets.

Friday's report shows the company made a net profit of 2.8 billion kronor ($421 million), in contrast to last year's loss of 2.9 billion kronor.

Revenues in the quarter soared to 64 billion kronor from 48.5 billion kronor last year.

The Goteborg-based company says almost half of sales came from outside its traditional markets, but that both North America and the European truck market are performing well.

The group maintains its 2010 forecast for heavy duty trucks, predicting a 20-30 percent total growth in the North American market, and 10 percent in the European market.