GOTEBORG, Sweden, April 28, 2003 (PRIMEZONE) -- Volvo (Nasdaq:VOLVY) (Other OTC:VOLVF) (Other OTC:VOLAFK):
First three months
2003 2002
Net sales, SEK M 40 931 40 385
Operating income, SEK M 909 (362)
Income after financial 757 (618)
items, SEK M
Net income, SEK M 506 (746)
Sales growth, % 1.4 (7.7)
Income per share during the 1.20 (1.80)
first quarter, SEK
Return on shareholders' equity during most 3.3 (1.6)
recent 12 months period, %
- Net sales for the first quarter 2003 amounted to SEK 40,931 M(40,385).
- Strong improvement in earnings, improved Truck result in Europe, reduced losses in North America and increased profitability within Volvo CE.
- Production changeover in North America completed.
- Net income improved to SEK 506 M (loss: 746).
- Income per share for the first three months amounted to SEK 1.20 (loss: 1.80).
- Cash flow after net investments excluding Financial Services amounted to a negative SEK 2.2 billion in the first quarter (2.5).
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