Volvo Construction Equipment sales in the first quarter totaled about $2.08 billion, down 9% from $2.29 billion in the same period a year ago. North American sales dropped 2% in the quarter to about $585 million. The Swedish company cited global softening of demand, with lower deliveries and order intake in Europe and North America. Sales in Europe dropped 17% in the quarter.
The declines were partly offset by price increases and lower material costs, according to the company.
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“Maintaining profitability remains a high priority and we have taken great steps to ensure as strong a performance as possible during these tougher times,” said Melker Jernberg, head of Volvo CE, in a statement. “While the industry feels the effects of this market downturn, we are maintaining our momentum to come out stronger—ensuring that we remain flexible in our systems while continuing to deliver on our transformation ambitions.”
