Turnover fell 1.9 percent to SEK 93.9 billion (95.7). The outcome can be compared with the Bloomberg analyst consensus which was 99.8.
The decrease is mainly due to lower revenue from contract manufacturing.
“Furthermore, turnover was also affected by currency effects and a sales mix that now includes EX30. During the quarter, we have maintained good price discipline,” says the CEO Jim Rowan.
The number of cars sold amounted to 182,700 (162,900), an increase of 12 percent.
“During the quarter, 41 percent of our global volume consisted of plug-in hybrids and all-electric cars, while our electric car share of sales rose to 21 percent,” says Rowan.
“This is a result of our attractive and balanced product strategy with premium products in the form of exciting electric cars and first-class plug-in hybrids and mild hybrids,” he adds.
Expect robust demand
The Ebitda result was SEK 10.1 billion (9.2), with an Ebitda margin of 10.8 percent (9.6).
Operating profit was SEK 4.7 billion (5.1), expected operating profit was 6.0. The operating margin was 5.0 percent (5.3).
Adjusted operating profit amounted to SEK 6.8 billion (6.3), with an adjusted operating margin of 7.2 percent (6.6).
The profit before tax was SEK 5.1 billion (5.4).
The profit after tax was SEK 3.6 billion (4.0), and per share SEK 1.12 (1.21).
Cash flow from current operations amounted to SEK -0.9 billion (-2.4).
Volvo Car’s expectations for 2024 are that sales growth will be higher compared to last year.
“We expect demand for our cars to remain robust in the coming quarters in line with our target for full-year sales growth of at least 15 percent,” said CEO Jim Rowan.
“We also expect the cash flow to improve in the coming quarters and the goal is a neutral free cash flow for the full year,” he adds.
Further counting Volvo Cars also with the BEV share for the full year 2024 increasing significantly compared to 2023.
| Net sales | 93.9 | 99.8 | -5.9% | 95.7 | -1.9% |
| EBITDA | 10.1 | 9.2 | 9.8% | ||
| EBITDA margin | 10.8% | 9.6% | |||
| Operating results | 4.7 | 6.0 | -21.7% | 5.1 | -7.8% |
| Operating margin | 5.0% | 6.0% | 5.3% | ||
| Adjusted operating profit | 6.8 | 6.3 | 7.9% | ||
| Adjusted operating margin | 7.2% | 6.6% | |||
| Profit before tax | 5.1 | 5.4 | -5.6% | ||
| Net result | 3.6 | 4.0 | -10.0% | ||
| Earnings per share, SEK | 1.12 | 1.21 | -7.4% | ||
| Cash flow from current operations | -0.9 | -2.4 |
