Volvo Third-Quarter Profit Misses Estimates on Asia Sales
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Volvo AB, the world’s second-largest truckmaker, reported third-quarter profit that missed analysts’ estimates as sales dropped in South America and Asia, and it incurred costs for shutting a production line.
Volvo fell the most in 14 months in Stockholm trading after the Gothenburg, Sweden-based manufacturer said net income plunged 64 percent from a year earlier to 1.37 billion kronor ($206.3 million). Earnings were less than the 2.83 billion-krona average of 12 analyst estimates compiled by Bloomberg. Sales decreased 6.2 percent to 67.1 billion kronor.