Volvo’s Q3 20 sales contraction (-22% yoy) was driven percentage-wise by buses (-39% yoy), while, in absolute terms, trucks drove the fall (-26% yoy). Despite this contraction, net income fell by 23.2% yoy, aided by lower selling expenses (-28.1% yoy) and a favourable tax ruling in Brazil (+SEK447m). As recovery begins to take form, the company still remains cautious by setting a SEK363m credit provision (+124.1% yoy). Overall, we maintain our expectation of a slow/multi-year recovery.
16 Oct 2020
Pent-up demand won't drive Q4 20 net order intake
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
Pent-up demand won't drive Q4 20 net order intake
Volvo AB Class B (VOLV.B:OME), 0 | Volvo AB Class B (VOLVF:OTC), 0 | Volvo AB Class B (VOLVB:PRA), 0 | Volvo AB Class B (VOL1:FRA), 0 | Volvo AB Class B (0HTP:LON), 0
- Published:
16 Oct 2020 -
Author:
David Chaucayanqui -
Pages:
3
Volvo’s Q3 20 sales contraction (-22% yoy) was driven percentage-wise by buses (-39% yoy), while, in absolute terms, trucks drove the fall (-26% yoy). Despite this contraction, net income fell by 23.2% yoy, aided by lower selling expenses (-28.1% yoy) and a favourable tax ruling in Brazil (+SEK447m). As recovery begins to take form, the company still remains cautious by setting a SEK363m credit provision (+124.1% yoy). Overall, we maintain our expectation of a slow/multi-year recovery.