Swedish truck maker AB Volvo eked out a better-than-expected core profit in the second quarter as it weathered the coronavirus pandemic.
The pandemic has disrupted production and sent order bookings tumbling in markets across the globe.
The rival of Germany's Daimler and Volkswagen's Traton said its plants were back in production after having been idled amid widespread lockdowns, but cautioned the pandemic would weigh on demand in the near and medium term.
"When countries started to open up again, both fleet utilisation and order intake began to recover," CEO Martin Lundstedt said in a statement.
"However, there is still significant uncertainty about the future economic development and demand for our products," he added.
Adjusted operating profit at the maker of trucks, construction equipment, buses and engines fell to 3.27 billion Swedish crowns ($360m) from 15.1 billion a year ago.
But it came in far above analysts' mean forecast for a profit of only 17 million crowns, according to Refinitiv estimates.
The pandemic has created a toxic mix of plunging demand and disrupted production that has left the global truck industry, always prone to sharp cyclical swings, facing its greatest uncertainty since at least the 2008 financial crisis.
State-sponsored aid such as furlough schemes has supported the industry in production hubs such as Sweden, but Volvo has announced plans to cut thousands of white-collar staff and shelved its dividend.
Order intake of its trucks under brands such as Mack and Renault, as well as its own name, fell 45% year-on-year in the second quarter but Volvo said bookings had improved toward the end of the period.
Bookings fell 5% year-on-year in June, compared with a 90% plunge in April.