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Volvo Cars’ third quarter 2017 operating profit rises 77.5 per cent to SEK 3.7 billion

Volvo Cars’ third quarter 2017 operating profit rises 77.5 per cent to SEK 3.7 billion

 

Volvo Cars, the premium car maker, today reports its financial result for the third quarter and first nine months of 2017. Highlights from the financial report include the following:

 

Third quarter:

  • Operating profit of MSEK 3,669, an increase of 77.5 per cent compared to Q3 2016
  • Net revenue up to MSEK 48,880, up 18.4 per cent versus Q3 2016
  • Net income of MSEK 2,513, an increase of 89.4 per cent compared to Q3 2016
  • EBIT margin of 7.5 per cent, versus 5.0 per cent in the third quarter of 2016
  • Global third-quarter retail sales up 10.6 per cent to 135,831 cars

 

First nine months:

  • First nine months operating profit of MSEK 10,445, an increase of 36.4 per cent compared to the same period in 2016
  • Net revenue for first nine months of MSEK 149,250, up 18.9 per cent vs first nine months of 2016
  • First nine months net income of MSEK 7,262, an increase of 42.1 per cent year-on-year
  • EBIT margin of 7.0 per cent, compared to 6.1 per cent in the first nine months of 2016
  • Global retail sales for first nine months up 9.0 per cent to 413,472 cars

 

Outlook:

  • The company expects to report a fourth consecutive global sales record for the full year

 

The full financial report can be found HERE and on the Volvo Cars Investor Relations website.

 

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This information is information that Volvo Car AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out in this release, at 06.00 CET on 27 Oct 2017.

 

Volvo Car Group in 2016

For the 2016 financial year, Volvo Car Group recorded an operating profit of 11,014 MSEK (6,620 MSEK in 2015). Revenue over the period amounted to 180,672 MSEK (164,043 MSEK). For the full year 2016, global sales reached a record 534,332 cars, an increase of 6.2 per cent versus 2015. The record sales and operating profit cleared the way for Volvo Car Group to continue investing in its global transformation plan.

 

About Volvo Car Group

Volvo has been in operation since 1927. Today, Volvo Cars is one of the most well-known and respected car brands in the world with sales of 534,332 cars in 2016 in about 100 countries. Volvo Cars has been under the ownership of the Zhejiang Geely Holding (Geely Holding) of China since 2010. It formed part of the Swedish Volvo Group until 1999, when the company was bought by Ford Motor Company of the US. In 2010, Volvo Cars was acquired by Geely Holding.

 

As of December 2016, Volvo Cars had over 31,000 employees worldwide. Volvo Cars head office, product development, marketing and administration functions are mainly located in Gothenburg, Sweden. Volvo Cars head office for China is located in Shanghai. The company’s main car production plants are located in Gothenburg (Sweden), Ghent (Belgium), Chengdu and Daqing (China), while engines are manufactured in Skövde (Sweden) and Zhangjiakou (China) and body components in Olofström (Sweden).

 

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