Comprehensive product renewal in third quarter 2013
During the third quarter, the Volvo Group’s net sales decreased by 5% to SEK 64.9 billion. Operating income amounted to SEK 2,502 M excluding restructuring charges of SEK 104 M.
Operating income was negatively impacted by changes in currency exchange rates as well as costs related to the launch of new trucks, changeovers to the new trucks in the industrial system and parallel production of new and old generations of trucks. Operating margin in the third quarter was 3.9% excluding restructuring charges.
“The Volvo Group’s third quarter was characterized by the ongoing comprehensive product renewal in the Group’s truck program and the fact that we entered a new phase of the Group’s development focused on taking actions to streamline and enhance the efficiency of our operations. The product renewal is the largest in the history of the Volvo Group, and it means that we are going to enter 2014 with a highly competitive product range,” says Volvo Group President and CEO Olof Persson.