Volvo Cars, the premium car maker, today reports its financial result for the first quarter of 2018. Highlights from the financial report include the following:
First quarter:
- Operating profit of MSEK 3,616, an increase of 3.6 per cent compared with Q1 2017
- Net revenue up to MSEK 56,813, up 18.9 per cent versus Q1 2017
- Net income of MSEK 2,558 , a decrease of 1.8 per cent compared to Q1 2017
- EBIT margin 6.4 per cent, versus 7.3 per cent in Q1 of 2017
- Global first-quarter retail sales up 14.1 per cent to 147,407 cars
Outlook for 2018:
- Volvo expects the worldwide passenger car market to grow and the premium segment to continue to develop positively
- Volvo Cars expects continued growth in revenue and retail sales supported by our renewed product portfolio, as well as incremental sales of the XC40
- Volvo expects profits to remain strong based on an improved model mix following the completion of the roll out of SPA cars and the introduction of the XC40
- Profit is expected to be partly impacted by increased expenses related to continued focus on marketing, R&D and digitalisation