Brief: Volvo Car Q1 Adj Operating Income Up At SEK 6.8 Bln

Volvo Car AB

24/04/2024 06:25

April 24 (Reuters) - Volvo Car AB  VOLCARb.ST :
    * Q1 ADJUSTED. OPERATING INCOME SEK 6.8 BILLION VERSUS SEK
6.3
BILLION YEAR AGO 
    * Q1 REVENUE SEK 93.9 BILLION VERSUS IBES ESTIMATE SEK 99.40
BILLION
    * Q1 FULLY ELECTRIC CAR SALES SHARE AT 21 PER CENT (18 PER
CENT IN
Q1 2023)
    * IN Q1, DELIVERED IMPROVED EV GROSS MARGINS, WHICH REACHED
16 PER
CENT
    * DURING FIRST HALF OF YEAR, VOLVO CARS WILL START
PRODUCTION OF
EX90 FLAGSHIP SUV
    * OUTLOOK 2024: EXPECTS DEMAND FOR ITS CARS TO REMAIN ROBUST
IN
COMING QUARTERS AND IN LINE WITH ITS GUIDANCE OF FULL-YEAR SALES
GROWTH OF AT LEAST 15 PER CENT
    * OUTLOOK 2024: CASH FLOW TO IMPROVE IN COMING QUARTERS
WHICH
SHOULD ENABLE IT TO BE CASH-NEUTRAL FOR FULL YEAR
    * COMPANY EXPECTS FREE CASH FLOW GENERATION TO BE NEUTRAL IN
2024
AND 2025
    * OUTLOOK: POSITIONED TO ACHIEVE ITS AMBITIONS OF REVENUES
OF
BETWEEN SEK 550-600 BILLION AND AN EBIT MARGIN ABOVE 8 PER CENT
DURING 2026
    * FROM 2026 ONWARDS, EXPECTS TO DELIVER STRONG CASH FLOWS AS
SCALE
OF INVESTMENTS DECLINES
    * Q1 RETAIL SALES 182.7 THOUSAND UNITS VERSUS 162.9 THOUSAND
UNITS
YEAR AGO
    * GLOBALLY, OVERALL DEMAND FOR OUR CARS REMAINED ROBUST
    * COMPETITION IN CHINESE CAR MARKET CONTINUED TO BE STRONG,
WITH
NEW DOMESTIC EV BRANDS GAINING ATTRACTIONS
    * IN Q1 TOTAL CHINESE PASSENGER CAR MARKET INCREASED BY 16%,
WHILE
THE BEV SEGMENT INCREASED BY 19%
    * EXPECT DEMAND FOR OUR CARS TO REMAIN ROBUST IN COMING
QUARTERS
IN LINE WITH GUIDANCE OF FY SALES VOLUMES GROWTH OF AT LEAST 15%
    * OUTLOOK 2024: SUPPORTED BY NEWLY LAUNCHED CARS WE ARE
EXPECTING
TO CONSIDERABLY INCREASE SHARE OF FULLY ELECTRIC CARS VERSUS
2023

Source text for Eikon:  ID:nNDL7624Wb 
Further company coverage:  VOLCARb.ST 

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