Truck Maker AB Volvo Hit Hard in Q4, Sees Growth in 2010
February 5, 2010 /EIN PRESSWIRE/ AB Volvo saw its loses widen by 47% in the fourth quarter of 2009, due mainly to declining sales and restructuring costs.
The maker of Mack, Volvo, Renault and UD trucks lost 1.99 billion SWE kroner ($271 million) in Q4, compared to a 1.35 billion SWE kroner loss last year. Volvo has posted five straight quarterly losses.
Although the results were weaker than analysts expected, investors appear encouraged by the company’s positive market outlook and improved cash flow. That optimism helped Volvo shares rise more than 3% after the announcement.
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