Investing.com-- Volvo AB (ST:VOLVa) on Friday clocked a rise in its third-quarter operating profit and sales as the Swedish automaker benefited from recovering truck demand in most of its regions.
Adjusted operating income in the three months to September 30 rose to 14.69 billion Swedish crowns ($1.48 billion) from 11.71 billion crowns a year ago. The figure was mostly in line with Bloomberg estimates of 14.78 billion crowns.
Net sales grew 8% year-on-year to 119.5 billion crowns, with Volvo largely attributing the increase to strong growth across all its regions except Asia.
Volvo said it also benefited from currency movements, as weakness in the crown boosted the company's overseas sales, which make up a bulk of its revenue.
The company's core truck business was the main earnings driver, with net order intake rising 26% to nearly 47,000 vehicles in the third quarter.
Construction equipment clocked a 5% increase in sales, while earnings from its Penta unit– which covers marine and power generation equipment– were buoyed by strong artificial intelligence data center demand in North America.
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