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Volvo Q4 profit misses forecast
February 6, 2013 / 6:32 AM / 5 years ago

Volvo Q4 profit misses forecast

STOCKHOLM, Feb 6 (Reuters) - Truck maker Volvo posted a bigger than expected fall in fourth-quarter earnings on Wednesday and said it still expected flat demand this year in Europe and North America while it lifted its forecast for the Brazilian market.

Volvo said operating earnings tumbled to 1.12 billion Swedish crowns ($176.52 million) from a year-ago 6.96 billion to come in well below a mean forecast for 2.19 billion seen in a Reuters poll of analysts.

Weak capacity utilisation and higher restructuring charges than forecast by analysts weighed on the results of the company, the dominant global player in the industry alongside Germany’s Daimler.

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