By Dominic Chopping

Sweden's Volvo AB (VOLV-B.SK) reported results for the first quarter on Wednesday.

SALES: The truck maker reported sales of 104.16 billion Swedish kronor ($11.15 billion), beating the average of SEK98.71 billion expected in an analyst poll by FactSet.

NET INCOME: Net income rose 88% to SEK10.62 billion from SEK5.65 billion, against expectations for SEK8.28 billion.

WHAT WE WATCHED:

TRUCK DEMAND: Total truck net order intake decreased by 36% to 45,884 trucks while deliveries increased by 14% to 58,594 vehicles. The truck order decrease was primarily due to North America, it said. "As expected, order intake in the region has remained low as our order books are close to full for 2019," CEO Martin Lundstedt said.

TRUCK MARGIN: The adjusted operating margin in Volvo's truck unit rose to 12.2% in the first quarter from 8.8% in the same quarter a year earlier.

GUIDANCE: Volvo maintained its guidance for North American retail sales of 310,000 heavy-duty trucks in 2019 and 300,000 in Europe. Chinese demand for heavy- and medium-duty trucks in 2019 is also still projected at 1.15 million vehicles.

Write to Dominic Chopping at dominic.chopping@wsj.com; @domchopping @WSJNordics

(END) Dow Jones Newswires

April 24, 2019 05:45 ET (09:45 GMT)

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