Truck maker Volvo first-quarter profit falls less than expected

STOCKHOLM (Reuters) – Swedish truck maker AB Volvo reported a smaller-than-expected fall in first-quarter operating earnings on Thursday but warned its net order intake of trucks had been negative since the end of March as customers canceled planned purchases due to the pandemic.

Adjusted operating profit at the maker of trucks, construction equipment, buses and engines fell to 7.1 billion Swedish crowns ($704 million) from a year-ago 12.7 billion to come in above analysts’ mean forecast of 6.0 billion, according to Refinitiv estimates.

(Reporting by Niklas Pollard; editing by Johannes Hellstrom)