The Volvo Group reported second-quarter sales of $13.13 billion, which the company said is on the same level year-over-year. Adjusted operating income was $1.82 billion, with a margin of $13.9%.
“Lower volumes and our increased investments in R&D affected margins negatively, while carry-over from the price increases we implemented during last year continued to have a positive effect,” president and CEO Martin Lundstedt said in a statement. “Our service business grew by 5% adjusted for currency. On a rolling 12-month basis, the service business generated revenues of $12.2 billion.”
Operating income for the group was $1.9 million, with operating margin of 14.5%.
For the Volvo Penta division, the company said consumer demand continued to weaken. Deliveries in the second quarter were down by 21%, with net sales of $486.9 million and adjusted operating margin of 19.5%. Adjusted operating income was $94.57 million. The company said 6,847 engines were ordered in the quarter, and 15,897 orders were taken in the first six months of the year.
Quarterly net sales for the group were highest in Europe at $5.33 million, a 4% decline from 2023. North America was next at $4.11 million, a 4% gain year-over-year. For the first six months of 2024, Europe had sales of $10.66 million and North America was up by 3% at $7.94 million.
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