Record earnings for Volvo Construction Equipment in Q2 2023
Volvo Construction Equipment (Volvo CE) proves it is performing today while transforming for tomorrow with record earnings for the second quarter 2023, alongside its continued investment into sustainable change.
Sales of machines and services rose across all markets except South America and Asia resulting in a 12 percent global increase for Q2, 2023. This is despite net order intake decreasing by 41 percent in global markets, reflecting a weaker market in China, restrictive order slotting in North America and cautiousness among customers and dealers in Europe.
Deliveries also decreased by 24 percent, primarily as a consequence of lower demand in China and a slowdown in Brazil.
While sales remain robust in Europe, North America and Africa, there are signs of demand weakening in other markets due to the overall economic development and rising interest rates, which is cooling down the activity, especially with residential construction.
Strong profitability for Q2, 2023, is demonstrated by a record earnings increase of 12 percent to SEK 28,999 M (SEK 25,814 M in Q2, 2022). Adjusted for currency movements net sales increased by 7 percent, of which sales of machines were up by 7 percent and service sales by 4 percent.
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