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Volvo profit beats consensus by 44.7% in Q1

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Volvo profit beats consensus by 44.7% in Q1

AB Volvo said its normalized net income for the first quarter amounted to 1.91 Swedish kronor per share, compared with the S&P Capital IQ consensus estimate of 1.32 kronor per share.

EPS increased 218.0% year over year from 60 öre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.88 billion kronor, a gain of 218.1% from 1.22 billion kronor in the year-earlier period.

The normalized profit margin rose to 5.0% from 1.9% in the year-earlier period.

Total revenue grew 13.9% on an annual basis to 74.79 billion kronor from 65.65 billion kronor, and total operating expenses climbed 11.3% year over year to 70.19 billion kronor from 63.09 billion kronor.

Reported net income grew 294.5% on an annual basis to 4.24 billion kronor, or 2.09 kronor per share, from 1.08 billion kronor, or 53 öre per share.

As of April 22, US$1 was equivalent to 8.73 Swedish kronor.