Volvo Group reported third quarter net sales of SEK$119.5 billion (about $12 billion), up 8% year-over-year, and adjusted operating income of SEK$14.7 billion ($1.48 billion), for a 12.3% margin.
The Volvo Penta division reported quarterly net sales of SEK$5.3 billion (about $535 million), up 5% year-over-year, according to Volvo Group’s financial report. Adjusted and reported operating income rose to SEK$1.1 billion (about $113 million) from SEK$934 million ($94 million), lifting the operating margin to 21.1% from 18.6%. Organic sales increased 4%, driven by a 7% increase in engine sales and a 1% decrease in service sales.
“Volvo Penta continued to show strength, supported by good demand in marine commercial and power generation,” president and CEO Martin Lundstedt said in a press release.
In its marine business, recreational volumes remained stable on lower levels, reflecting continued consumer caution. Marine commercial volumes increased, supported by government demand, while the superyacht segment remained stable, the company said.
In the industrial business, mobile power solutions continued to perform strongly, supported by mining, construction and growth in China. Power generation also grew, as strong deliveries to data centers in North America more than offset subdued demand in the Middle East and Europe.
