Volvo Aero reports improved results for first quarter

For Volvo Aero, sales during the first quarter decreased by 6% to SEK 1,910 million, compared to SEK 2,030 M the same period a year ago, mainly due to currency effects. Adjusted for currency fluctuations, sales increased by 5%. Operating income amounted to SEK 152 million, higher than SEK 83 million in the corresponding period last year and a major improvement from the fourth quarter of 2009 (Loss SEK 169 million). Higher productivity as a result of lower cost, higher volumes and higher utilization of production facilities are the main explanations. In addition, the after market business has started to show signs of recovery. The operating margin was 8.0%.