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- Swedish truck manufacturer Volvo AB VLVLY reported second-quarter FY21 sales growth of 24% year-on-year to $10.42 billion (1$ = 8.70 Swedish Krona as of July 20).
- Revenue from Vehicles increased 41% Y/Y, amounting to $7.9 billion. Net sales from Trucks grew 28% Y/Y, bus sales jumped 60% Y/Y, and that of Volvo Penta posted a 58% hike.
- Net sales excluding UD Trucks in Europe jumped 42% Y/Y to $4.53 billion and the South American region raked in the sales growth of 90% Y/Y.
- Total truck order intake jumped 119% Y/Y to 57,961 in the quarter.
- The gross margin improved to 24.0%.
- The adjusted operating margin for the quarter was 10.7%, with $1.12 billion in operating income.
- Operating cash flow in industrial operations totaled $682 million.
- The company warned of disruptions in truck production in H2 FY21 due to semiconductor shortage as supply chain woes continue.
- Price action: VLVLY shares closed at $23.24 on Monday.
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