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

Volvo Cars has reported its financial results for the third quarter and first nine months of 2017. Highlights from the financial report include the following:

Third quarter:

• Operating profit of SEK 3.669 bn (~R6.3 bn), an increase of 77.5 per cent compared to Q3 2016
• Net revenue up to SEK 48.88 bn (~R83.096 bn), up 18.4 per cent versus Q3 2016
• Net income of SEK 2.513 bn (~R4.27 bn), 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 SEK 10.445 bn (~R17.76 bn), an increase of 36.4 per cent compared to the same period in 2016
• Net revenue for first nine months of SEK 149.25 bn (~R253.73 bn), up 18.9 per cent vs first nine months of 2016
• First nine months net income of SEK 7.262 bn (~R12.35 bn), 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