Volvo Group, parent company to propulsion and technology manufacturer Volvo Penta, last week announced the financial results of its fiscal third quarter.
Net sales decreased 7% to $11.1 billion, and adjusted operating income was $1.34 billion, with a margin of 12%.
“After a few years of high market levels in Europe and North America, volumes have come down this year, CEO Martin Lundstedt said in a statement. “There is some uncertainty about the macroeconomic development in the near term, and this is reflected in our forecasts, with relatively flat markets overall for next year.”
Volvo Penta net sales decreased 2% in the third quarter to $446.3 million, though adjusted operating margin improved to 17.7% from 15.9% year-over-year. Adjusted operating income grew 5% to $79 million.
During quarter, Volvo Penta’s first IPS Professional installation went into operation in a crew transport vessel operated by Northern Offshore Services. The helm-to-propeller, hybrid-electric package was unveiled in collaboration with Azimut Yachts.
The company’s financial forecast for 2025 calls for unit decreases and gains of as much as 10% and 5%, respectively.
