Volvo AB Wednesday said its first-quarter sales and net income increased as worldwide truck sales rose.
Sweden-based Volvo ABâ€™s net income more than doubled to $607 million, while sales rose 22% to $7.8 billion. Operating income more than doubled, to $1.1 billion. Volvo reports its earnings in Swedish krona.
First-quarter Volvo truck deliveries more than doubled in North America, to 4,725 units, while Mack Trucks deliveries in North America rose 34%, to 3,819 units.
Worldwide truck sales rose 49% to 55,069 units, and truck orders rose 40%, Volvo said.
Volvo AB is the parent company of Volvo Trucks North America and Mack Trucks. Worldwide, it includes Renault Trucks, UD Trucks and Eicher brand trucks.
Volvo also raised its 2011 truck sales forecasts for Europe and North America, saying industrywide deliveries for each region would be 230,000 to 240,000 trucks, up from a previous forecast of 220,000 vehicles for each.
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