CEO Håkan Samuelsson:
“The sales growth in the first quarter proves the appeal of Volvo Cars product portfolio. We grew in all three regions and revenue continued to rise faster than volumes. Compared with last year, profitability was affected by higher tariffs and increased price pressure in many markets.”
Highlights from the financial report include the following:
- Global first-quarter retail sales up 9.4 per cent to 161,320 cars
- Net revenue up to MSEK62,910, up 10.7 per cent versus Q1 2018
- Operating profit of MSEK2,919, a decrease of 19.3 per cent compared to Q1 2018
- Net income of MSEK2,005 , a decrease of 21.6 per cent compared to Q1 2018
- EBIT margin 4.6 per cent, versus 6.4 per cent in Q1 of 2018
Outlook for 2019:
- Volvo Cars expects continued growth in sales and revenue
- Volvo Cars expects market conditions to put continued pressure on margins
The full financial report can be found on the Volvo Cars Investor Relations website.
The information was submitted for publication, through the agency of the person set out above, at 06.00 CET on 25 April 2019.