World number two truck maker Volvo
Sweden's Volvo posted operating earnings of 5.52 billion Swedish crowns ($856 million) compared to a year-ago loss of 2.32 billion crowns to come in below a mean forecast for a profit of 5.99 billion seen in a Reuters poll of analysts.
Volvo, the second-biggest truck maker after Germany's Daimler
Volvo, which makes heavy-duty trucks under the Renault, Mack, UD Trucks and Eicher brands, raised its forecast for 2011 truck markets in Europe and North America to about 220,000 units from 200,000, implying double-digit growth in both markets.
While demand looks set to be buoyant, prospects for further improvement of margins is less obvious as truck makers turn on the taps for new investment, which were closed as the global financial crisis triggered the worst fall in demand in decades.
(Editing by Mike Nesbit)
($1=6.445 Swedish Crown)