Volvo Penta reported fourth quarter 2022 net sales of $470 million, an increase of 33% compared with $351.2 million in the prior-year quarter.
Adjusted operating income for the quarter was $45.2 million, a 42% increase compared with $32 million a year ago.
Net sales of $1.754 billion for fiscal 2022 were a 25% increase compared with $1.4 billion in 2021.
Adjusted operating income for the year was $245.2 million, a 21% increase compared with $202.8 million in 2021.
The Swedish manufacturer said in a statement that strong demand continued in its leisure marine segment, especially for inboards and sterndrives. Commercial marine had positive movement driven by increased investments in offshore wind farms and in the military and patrol segment.
“In 2022, the Volvo Group delivered strong growth, as well as good profitability and cash flow,” CEO Martin Lundstedt said in the statement. “For the full year, we increased net sales by over SEK 100 billion [US$9.7 billion] to SEK 473 billion [US$ 42.4 billion].”
“Costs related to energy, material and supply-chain disruptions continue to be high, and we work actively to try to compensate for these effects,” he added. “We maintain a high level of flexibility to be able to quickly adapt to any changes in demand.”
