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Volvo profits down as truck sales fall 7% in North America

But demand for heavy-duty vehicles rose by 23% in Europe.


STOCKHOLM — Swedish truck maker Volvo AB says its first-quarter profits dipped by 11% as demand dropped in North America.

Volvo posted a net profit of 3.8 billion kronor ($468 million), down from 4.2 billion kronor in the same quarter last year.

The company said its sales fell 4% to 71.7 billion kronor, “primarily an effect of the slowdown in the north American truck market.”

Volvo says demand for heavy-duty trucks was down 7% in North America, but rose by 23% in Europe.

The results beat some analysts’ expectations and Volvo shares rose 5% to 98.90 kronor ($12.18) after the announcement.

The company, which has 99,000 employees, sells trucks under the Volvo, Renault, Mack and UD brands. It also makes buses, engines and construction equipment.

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