* Sweden - Volvo third-quarter profit higher than expected. Some key markets remain difficult
-- Swedish truck maker Volvo AB on Friday reported a higher-than-expected profit for the third quarter, but cautioned that some of its key markets will remain difficult... Volvo said its net profit for the July-to-September period doubled as a result of a favorable currency, cost cuts and somewhat higher volumes... Net income was 3.07 billion Swedish kronor ($363.2 million), up from 1.50 billion kronor last year... But while Volvo’s profit beat expectations, a drop in third-quarter order intake was a “sting in the tail”, said Graham Phillips, analyst at Jefferies in a note... Volvo said orders in the third quarter were down 15% as weakening demand in North America and a continued weak market in Brazil offset a recovery in Europe... It said markets in North America had peaked and that it expected overall demand for heavy trucks in the region to fall by 10% next year. Latin America is expected to remain at very low levels in 2016, while China is seen markedly down... Volvo it's evaluating a sale of its North American used truck business, Arrow Truck Sales, including its customer finance portfolio. Arrow Truck Sales has 250 employees and a finance portfolio of approximately $250 million, according to the company...
(Image Volvo's Truck VN780) -- Stockholm, Sweden - The WSJ (USA), by CHRISTINA ZANDER - Oct. 23, 2015Labels: truckmakers news Sweden
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