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Financial results: Volvo Construction Equipment (Volvo CE)

By Stephen Elliott

April 21, 2024

Volvo Construction EquipmentVolvo Construction Equipment (Volvo CE), Eskilstuna, Sweden, earned SEK 22.88 billion (US$2.09 billion) in the 2024 first quarter net sales, a 9 percent decrease compared to SEK 25.11 billion (US$2.29 billion) the year before. The company said for the first quarter of 2024, sales across all regions have either decreased or remained flat, in line with the expected market downturn. Compared to the strong sales of the same period last year, market demand is softening across the globe, with lower deliveries and order intake in Europe and North America compensated slightly by a stronger performance in Asia, the company said.

“Maintaining profitability remains a high priority and we have taken great steps to ensure as strong a performance as possible during these tougher times,” said Melker Jernberg, head of Volvo CE. “While the industry feels the effects of this market downturn, we are maintaining our momentum to come out stronger — ensuring that we remain flexible in our systems while continuing to deliver on our transformation ambitions.”