The Volvo Group has recently reported its 2020 third quarter business result with net sales amounting to SEK 76.9 billion.
The figure is a 16% decline compared to sales in the previous year, adjusted for currency.
Despite the drop in sales, the company has achieved an adjusted operating margin of 9.4% (11.0 translated to SEK 7,217 M (10,885), according to PR Newswire. This is attributable to cost reductions that were implemented.
Additionally, the group reported that operating cash flow in the industrial operations was positive in an amount of SEK 11,712 M (1,831).
“The uncertainty about the future economic development and demand for our products is considerable as an increase in the spread of COVID-19 can lead to new restrictions on societies and businesses. We maintain a high level of preparedness by a continued focus on our colleagues, customers and business partners, with health and safety as first priority, and maintain a tight cost control and focus on cash,” Martin Lundstedt, president and CEO, said.
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