The Volvo Group today released its fourth quarter and full-year financial reports for 2023, with net sales reaching SEK 148.1 billion and SEK 552.8 billion respectively.
Q4 2023
In the fourth quarter of 2023 (the same below), Volvo Group’s net sales increased by 10% to 148.1 billion Swedish kronor, compared with 134.3 billion Swedish kronor in the same period last year. Excluding the impact of currency fluctuations, net sales revenue increased 8%.
Adjusted operating profit was SEK 18.384 billion, compared with SEK 12.171 billion in the same period in 2022, and the adjusted operating profit margin was 12.4% (9.1% in the same period in 2022). Adjusted operating profit excludes a negative impact of SEK 1.49 billion.
Reported operating profit was SEK 16.894 billion, compared with SEK 11.541 billion in the same period in 2022.
The positive impact of exchange rate fluctuations on operating profit amounted to SEK 1.106 billion.
Earnings per share were SEK 5.93 (previous year 2022: 3.26).
Cash flow generated from operating activities in the Industrial Operations segment was SEK 22.655 billion, compared with SEK 18.918 billion in the same period in 2022.
All year 2023
For the full year of 2023 (the same below), the Volvo Group's net sales reached 552.8 billion Swedish kronor, compared with 473.5 billion Swedish kronor in the same period in 2022.
Adjusted operating profit was SEK 77.638 billion, compared with SEK 50.467 billion in the same period in 2022, and the adjusted operating profit margin was 14.0%.
Reported operating profit was SEK 66.784 billion, compared with SEK 45.712 billion in the same period in 2022.
Earnings per share were SEK 24.50 (previous year 2022: SEK 16.09).
Cash flow generated from operating activities in the Industrial Operations segment was SEK 45.821 billion, compared with SEK 35.327 billion in the same period in 2022.
Return on capital for the Industrial Operations segment was 36.7% (previous year: 27.4%).
The Board of Directors proposes an ordinary share dividend of SEK 7.50 per share and an additional dividend of SEK 10.50 per share.The Volvo Group’s brands include Volvo, Volvo Penta, Rokbak, Renault Trucks, Prevost, Nova Bus, Mack and Arquus. In addition, the company has established strategic alliances and joint ventures with Shandong SDLG, Milence, Eicher, Dongfeng and Cellcentric.
Public information shows that the Volvo Group focuses on the manufacturing and services of drive systems for trucks, buses, construction equipment, ships and industrial applications, and helps customers improve the operating time and productivity of vehicles and equipment through a complete set of financial and after-sales service solutions. The Volvo Group is headquartered in Gothenburg, Sweden and is listed on the Nordic Stock Exchange in Stockholm, Sweden.
