Scania beats consensus Q2
July 24, 2010
The truck manufacturer Scania said on Friday quarterly profit before tax greater than expected and provides sustained delivery of vehicles over the next three months.
The group resumed and after a difficult period, marked by falling demand due to global economic recession.
Scania has released its results after its Swedish rival Volvo, which also beat the consensus in the second quarter.
The company said demand in Europe was resumed after hitting an especially low, while adding that it remained limited due to an overcapacity of motor carriers.
The pretax income group, majority owned by Volkswagen, amounted to 3.4 billion kronor (360 million euros), exceed the expectations of analysts polled by Reuters at SEK 2.5 billion.The previous year, the group made a loss of 181 million kronor in the second quarter of 2009.
The title gained 3.99% to 135.60 crowns at 10h00 GMT, outperforming the Swedish index down 0.51%.
"In the third quarter, shipments of vehicles should be almost similar to those of the second quarter of 2010, despite the holiday period in Europe," the company said in a statement.
Orders for trucks and buses rose by 154% in the second quarter versus the same period the previous year.
"Due to strong demand in Brazil, an improvement in Europe, and the recovery in Asia, Scania has come to increase its production over the period," the group.
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