Volvo AB : Sound management, but unfavourable exposure to construction equipment
>A solid Q1 but which confirms the normalisation in construction equipment - Yesterday morning, Volvo published a solid set of Q1 results (first take here), beating the consensus (+7% for EBIT), but in line with our estimates. Despite facing a slowdown in its underlying markets (trucks, construction equipment), embedded price effects and strict cost control enabled Volvo to post broadly stable EBIT and margins over the quarter (EBIT SEK 18.2bn, -1% y-o-y, operating m...Volvo is a manufacturer of trucks, buses, construction equipment and marine and industrial engines. Co.'s activities are organized into six areas: Group Trucks, which sells and markets trucks under Eicher, Mack, Renault Trucks, UD Trucks and Volvo brands; Construction Equipment, which includes equipment for construction and related industries; Buses, which includes buses and bus chassis for city, intercity and coach traffic; Volvo Penta, which manufactures engines and drive systems for boats and commercial craft; Governmental Sales, which manufactures special-purpose vehicles; and Volvo Financial Services, providing customer financing and leasing, dealer financing and fee based products.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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