Volvo Group released results for its fiscal first quarter. Net sales for the Volvo Penta parent rose 25% to US$12.7 billion, the company’s most significant first quarter ever.
The Volvo Penta division reported a 33% increase in net sales for the quarter to SEK$5.6 billion (US$4.2 billion). Adjusted for currency movements, net sales increased 26%, of which engines increased 31%, and sales and service 11%.
“For Volvo Penta, demand continued to be good in both the marine and industrial segments,” Volvo Group president and CEO Martin Lundstedt said in a statement.
Volvo Penta delivered 12,727 engine units during the quarter, an 11% increase compared with the year-ago quarter. Of those deliveries, 20 were fully electric, a 233% increase from the 2022 first quarter.
According to the statement, earnings were positively impacted by a favorable product mix, price realization and engine volumes, which were partly offset by increased material costs and research-and-development expenses.
The company did not provide a forward-looking financial forecast in the statement.
