Volvo: North American Truck Market Near Bottom

STOCKHOLM, July 23 Reuters reported that truck maker AB Volvo posted in-line pre-tax profits for the second quarter on Tuesday and said the North American truck market was no longer falling.

"The increased order intake in the North American truck market during the second quarter is an encouraging sign that the market has now bottomed out," Volvo, the world's second-largest heavy truck maker, said in a statement.

Pre-tax profit of the group, which also makes construction, marine and aerospace equipment, came in at 1.31 billion Swedish crowns ($327.5 million) in April-June, down from 1.81 billion crowns a year ago and marginally below the mean forecast of 1.39 billion in a Reuters poll of analysts.

Volvo's sales, of which trucks made up two thirds, totalled 49.29 billion crowns compared with market consensus of 48.4 billion and 47.10 billion a year ago.