Trending: Volvo Shares Drop as Market Focuses on Outlook Despite Profit Rise
1123 GMT - Volvo is among the most mentioned companies across news items over the past four hours, according to Factiva data, after the company cautioned on normalizing truck demand as it reported a rise in fourth-quarter earnings and lifted its dividend. However, the market was more focused on the company's outlook statement, with shares initially dropping 4.5% before clawing back up to a 0.4% fall. The Swedish truck maker said that truck demand is normalizing while construction equipment demand is weakening in most markets. It has lowered its 2024 truck market forecasts for Europe and India, lifted it for Brazil and China, and maintained it for North America. UBS analyst Hemal Bhundia writes that a margins miss and softer market development comments will weigh on the stock. Adjusted operating margin for the quarter fell to 12.4% from 9.1% for the same period a year earlier, Volvo said. Dow Jones & Co. owns Factiva. (ian.walker@wsj.com.)
(END) Dow Jones Newswires
January 26, 2024 06:38 ET (11:38 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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