Markets weren’t happy with Scania’s (OMX: SCV B) operating income of 3.313 billion SEK yesterday and the stock backed 4.5%. Truck, bus and industrial and marine engines manufacturer's quarter was very stable overall but expectations were for even larger gains. Net sales were up by 18% to 43.6 billion SEK. Today Scania is up 3% so far as target prices were cut only slightly and most analysts’ target prices are considerably above current market price.
Truck deliveries grew by 32% to over 19 000 and order intake was even larger. More vehicles are delivered to Russia and the Middle East and fewer to Brazil although demand still remains strong there as well. In Q2 41% of Scania’s deliveries were to Europe, 26% to Latin America and 19% to Asia. Scania invested in new companies in India and Japan and invests in R&D to strengthen product portfolio. More information is available here.
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