Volvo Group, the world's second-largest truck maker, has announced a 63% jump in its 2011 net profit, boosted by record sales and margins.
"If we review the full-year 2011, the Volvo Group generated the highest net sales, the best operating income and the highest operating margin to date," chief executive Olof Persson said in a statement.
For the full year, the group's net profit rose 63% to 17.75 billion kronor (€2 billion). Profit also grew by an annual 43% in the final quarter of 2011 to 4.72 billion kronor.
Sales rose 18% last year, and increased by the same amount in the fourth quarter alone. The quarterly profit and sales figures beat analysts' expectations.
"The improved results were primarily due to higher sales," Persson said. The group's full-year sales were mainly driven by a 21% rise in truck sales to 200.7 billion kronor and a 22% rise in bus sales to 22.2 billion kronor.
Volvo posted its biggest increase in truck sales on the North American market, up by 75% in terms of volume and by 38% in terms of value for the year. Worldwide, Volvo sold 238,391 trucks in 2011, up 32% over 2010.
In Europe, Volvo said it expected a slow recovery in early 2012 with a gradual pick-up in demand as customers start to renew their fleets ahead of new emissions regulations in 2014.
