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Scania to cut Europe output as Q4 profit lags
January 30, 2013 / 8:40 AM / in 5 years

Scania to cut Europe output as Q4 profit lags

STOCKHOLM, Jan 30 (Reuters) - Truck maker Scania posted a bigger than expected fall in fourth-quarter earnings on Wednesday and said it would cut production in Europe in the first quarter due to weak demand.

Despite the gloom in Europe, government subsidies in Brazil underpinned strong demand in South America’s biggest economy which buoyed order bookings in the quarter.

Operating profit at Scania, majority owned by Germany’s Volkswagen,, fell to 2.17 billion crowns ($340 million) versus a year-ago 2.74 billion to come in below a mean forecast of 2.48 billion seen in Reuters poll of analysts. ($1 = 6.3815 Swedish crowns) (Reporting by Niklas Pollard and Helena Soderpalm)

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