Volvo Cars Profit Beats as Automaker Warns on War Impact
- Manufacturer shipped fewer vehicles but raised their prices
- Firm says supply inflation will be fully felt later this year
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Volvo Car AB reported better-than-expected earnings even as the Swedish-Chinese automaker warned of mounting cost pressures from the war in Ukraine.
Volvo Cars said operating income came in at 6 billion kronor ($606 million) for the first quarter, beating analyst estimates for 4.2 billion kronor. While the company shipped fewer cars in the period, revenue climbed 8% as it commanded higher prices amid a global shortage of new vehicles.