Volvo Group increases Q3 sales

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The Volvo Group, parent of Volvo Penta, which includes its marine division, reported sales of $10.2 billion (SEK99 billion) for its third quarter, an increase of 7 percent compared to the same period a year ago. The company reported operating income of $1.13 billion (SEK10.9 billion) and operating margins of 11 percent.

It did not break out its Volvo Penta marine sales or directly refer to them in today’s statement.

“Our service revenues were stable in the quarter as a result of continued good activity levels and fleet utilization among our customers,” said Martin Lundstedt, president and CEO, in the statement. “On the other hand, demand for new vehicles is declining, and we are facing a period of tougher market conditions.”

The company plans to hold an investor’s conference later today to release more details. The Volvo Group comprises Volvo Penta, Renault Trucks, Mack Trucks, UD Trucks, Volvo Trucks, Volvo CE, Volvo Buses, Volvo Financial Services and Arquus, as well as three Truck Divisions for technology, operations and purchasing.