Volvo Posts Surprise Third-Quarter Profit Drop on Krona Gain

Volvo AB reported a surprise drop in operating profit, sending the stock down the most in a year, as a strengthening krona burdened earnings at the world’s second-biggest truckmaker.

Earnings before interest and taxes fell 18 percent to 2.4 billion kronor ($380 million) from 2.92 billion kronor a year earlier, Gothenburg, Sweden-based Volvo said in a statement today. Profit was less than the 3.15 billion-krona average of 12 analyst estimates compiled by Bloomberg.