During the first quarter of 2011, the truck operation’s net sales amounted to SEK 45,620 M, which was 25% higher than the first quarter of 2010. Adjusted for changes in exchange rates net sales increased by 35%.
The truck operations posted an operating income of SEK 4,286 M in the first quarter of 2011 compared with an operating income of SEK 1,444 M in the first quarter of 2010. The operating margin improved to 9.4%, compared with 4.0% in the first quarter of 2010. Increased sales volumes, higher capacity utilization and continued strict control of operating expenses had a positive effect on earnings in the quarter. Earnings for the first quarter was positively affected by recognition of VAT credits in Brazil of SEK 500 M relating to previous years and negatively by costs related to the earthquake and following tsunami in Japan amounting to an estimated SEK 250 M.