STOCKHOLM (Reuters) – Truck maker Volvo (VOLVb.ST: Quote, Profile, Research, Stock Buzz) said its efforts to reach its cost-cutting target were being hampered by a weak Swedish crown, and warned it expected little growth in its crucial North American market in coming years.
The comments overshadowed forecast-beating quarterly earnings from Sweden’s biggest company by sales and top private-sector employer, and drove its shares down nearly 5 percent.
STOCKHOLM, July 15 (Reuters) – Sweden’s SKF, the
world’s largest bearings maker, said it saw demand softening in
the third quarter because of sluggish industrial production and
weakness in Europe, sending a chill through the manufacturing
After reporting quarterly core earnings that fell short of
market expectations, SKF shares tumbled 7 percent by 0830 GMT.
Its subdued outlook also weighed on manufacturing stocks such as
Sandvik and Trelleborg.
STOCKHOLM, April 28 (Reuters) – Sweden’s Atlas Copco
said on Wednesday that weak demand for its mining
equipment and large compressors had slumped further in the first
quarter, leaving its shares on track for their worst day in four
Atlas, which has long been an investor darling because of
its nimble cost structure, strong aftermarket sales and robust
cashflow, said orders had fallen furthest for underground mining
equipment, in which it is the global market leader.
STOCKHOLM, April 28 (Reuters) – Swedish state-owned utility
Vattenfall is to cut 1,000 jobs or 3 percent of its
workforce after reporting a fall in first-quarter earnings, due
to lower production and depressed power prices.
The Nordic region’s biggest utility said in a statement
adjusted operating earnings fell to 7.7 billion Swedish crowns
($892 million) from 9.1 billion a year ago.
STOCKHOLM (Reuters) – Sweden’s Volvo (VOLVb.ST: Quote, Profile, Research, Stock Buzz) named the head of Volkswagen-owned (VOWG_p.DE: Quote, Profile, Research, Stock Buzz) Scania as its chief executive on Wednesday, replacing embattled Olof Persson who for nearly four years led a sweeping efficiency drive at the global truck maker.
The group, vying for global dominance with Germany’s Daimler (DAIGn.DE: Quote, Profile, Research, Stock Buzz) and VW’s truck brands, also released better than expected quarterly earnings two days ahead of schedule and said it would seek an external partner for parts of its IT business.
STOCKHOLM (Reuters) – Sweden’s SKF (SKFb.ST: Quote, Profile, Research, Stock Buzz), the world’s biggest bearings maker, on Friday forecast flat second quarter demand, saying some positive signs in Europe were not robust enough to support a more optimistic view, sending its shares down more than 7 percent.
SKF, a manufacturing bellwether with its bearings found in products ranging from skateboards to wind turbines, forecast roughly unchanged demand in the second quarter versus the first for the group, including European and North American businesses.
STOCKHOLM (Reuters) – Volvo’s (VOLVb.ST: Quote, Profile, Research, Stock Buzz) CEO Olof Persson appeared to have won some breathing space on Thursday after recent criticism of the Swedish truck maker’s performance but he needs to show progress over the next year to placate investors.
Volvo’s chairman Carl-Henric Svanberg on Wednesday denied a newspaper report that he was actively looking for a replacement for Persson, who has led a drive to boost profitability since taking over in 2011.
STOCKHOLM, March 19 (Reuters) – After shifting much of its
production to low-cost countries, Electrolux is using
motor industry ideas to cut costs and give it the flexibility to
succeed in a fiercely competitive home appliances business.
The Swedish group has called an end to major plant moves out
of Europe and North America. Now it says it is comfortable with
making 30 percent of its washing machines, fridges and ovens in
higher cost countries, provided a productivity push succeeds in
ensuring plants there remain competitive.
STOCKHOLM, Feb 26 (Reuters) – Geely-owned carmaker Volvo Car
Group said on Thursday its 2014 operating profit rose 17.5
percent in its best year of sales to date as rapid expansion in
China and recovery in Europe took the sting off lingering
weakness for the brand in the United States.
Volvo sold a record 465,866 cars last year but is still far
from its goal of selling 800,000 cars in 2020 and making real
inroads into a premium market dominated by German heavyweights
such as Daimler’s Mercedes-Benz and BMW.
STOCKHOLM, Feb 15 (Reuters) – When Swedish artist Lars Vilks
drew the Prophet Mohammad as a dog in 2007, the cartoon – which
earned him death threats from radical Islamists and may have
triggered a weekend attack in Copenhagen – was not intended to
Its aim was to challenge political correctness in the art
world, he said after the sketch sparked an uproar in the Islamic
world, and he had been naive to think its effect would be