Third quarter 2012
Difficult third quarter
During the third quarter, sales for the Volvo Group were impacted by the weakening in demand that has become increasingly evident around the globe. To respond to declining demand and increasing inventories, we decided to adjust our production rates down in several parts of the company. Net sales for the Group declined to SEK 69.1 billion (73.3). Operating income amounted to SEK 2.9 billion (5.8) and was adversely impacted by under absorption in the industrial systems in the range of SEK 1 billion and another SEK 1,060 M of negative non-recurring items. Adjusted for the non-recurring items, operating margin was 5.8% (7.9).
- Olof Persson, President and CEO -