The Volvo Group, which includes Volvo Penta’s marine division, today reported sales of $44.7 billion (SEK432 billion) for 2019, up 11 percent compared to the same period a year ago. Operating income was $5.1 million (SEK49.5 million).
“2019 was another good year for the Volvo Group,” said Martin Lundstedt, president and CEO, in a statement. “During the year, we also continued to increase our financial strength. With an operating cash flow of SEK38.3 billion ($3.97 billion), we ended the year with a net cash position of SEK62.6 billion ($6.48 billion) in the Industrial Operations, excluding pension and lease liabilities. Our increased profitability and strong financial position allow us to invest in our future, as well as return cash to our shareholders.”
The company reported net sales of $10.9 billion (SEK105.4 billion) for its fourth quarter, down 5 percent compared to a year ago.