Q1 2024 demand “continued to normalise at good levels across many of the Volvo Group’s markets,” president and CEO Martin Lundstedt said in a results statement on Wednesday.

Adjusted for currency, net sales were “on the same level as in Q1 2023” at SEK131.2bn.

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“Invoiced price continued to increase, mainly on the back of carry over from the price increases we implemented gradually last year,” the truck and heavy equipment maker said.

Adjusted operating income dipped to SEK18.2bn from SEK18.6bn a year ago, returning a margin of 13.8% versus 14%.

There were no adjustments in Q1 2024. In Q1 2023, a cost of SEK1,300m was excluded from adjusted operating income.

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Volvo said currency movements had a negative impact on operating income of SEK346m.

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Earnings rose to SEK6.92 from SEK6.35.

Return on capital employed improved to 37.7% from 30.3%.

“We continue to prioritise quality in the business,” added Lundstedt.