Volvo Car shares fall on Q1, revenue EBIT miss

Volvo Car AB

24/04/2024 08:22

** Shares of Sweden's Volvo Car  VOLCARb.ST  fall 6.8% after
the car maker posts Q1 earnings below expectations, citing lower
revenue from contract manufacturing 
    ** Reports Q1 EBIT, excluding joint ventures and associates,
at SEK 6.8 billion ($627.68 million), with adjusted EBIT margin
of 7.2%, which J.P. Morgan says is about 20% below expectations
    ** Co posts Q1 revenue at SEK 93.9 billion, below the 99.40
billion expected by analysts polled by LSEG, which J.P.Morgan
says was due to lower contract manufacturing revenues and FX
headwinds, and 6% below consensus
    ** If losses hold, Volvo Car will see its worst day since
March; Stock is among the worst performers on the pan-European
STOXX 600 index  .STOXX  
    

($1 = 10.8336 Swedish crowns)

 (Reporting by Elsa Ohlen)
 ((elsa.ohlen@thomsonreuters.com;))