Volvo Q2 core profit beats forecast, sees weaker N American market
STOCKHOLM, July 19 (Reuters) - Global truck maker Volvo posted forecast-beating quarterly earnings on Tuesday as years of cost cuts and strong deliveries in Europe helped fortify it against rapidly slumping demand for commercial vehicles in the United States.
Volvo and German rivals Daimler and Volkswagen , with its array of truck brands, have been buoyed by rising demand across Europe over the past year while contending with tumbling demand in the United States and Brazil.
The company, the first of Europe's major truck makers to unveil second-quarter results, scaled back its outlook for the North America market, saying it expected industry-wide sales of 240,000 trucks versus its April forecast of 250,000.
Adjusted operating earnings at Gothenburg-based Volvo rose to 6.13 billion Swedish crowns ($716.18 million) from a year-ago 5.98 billion, beating a mean forecast of 5.64 billion in Reuters poll of analysts.
Volvo, which sells trucks under brands such as Mack, Renault and UD brands as well as its own name, said order intake of its trucks fell 8 percent in the second quarter versus the 1 percent decline seen by analysts. ($1 = 8.5593 Swedish crowns) (Reporting by Niklas Pollard and Johannes Hellstrom, editing by Mia Shanley)
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