Global sales for Volvo Construction Equipment dropped 22% in the third quarter to about $1.79 billion. In North America, sales dropped 31% to about $480 million.
Despite the drop in sales volume, which the company said was compared to “very high levels of last year,” margins remained “overall good.” It said service sales were up 2% in the quarter.
Net order intake also rose in the third quarter, caused largely by a 59% increase in South America and a 44% increase in Europe. Order rose more modestly in all other regions except North America.
Global deliveries were down from last year due to the continued lower market demand and reduction of inventories at the dealerships in Europe and North America, partly offset by increased deliveries for the SDLG brand in China.
Compared to 2023, the total machine market contracted in Q3, largely due to a slowdown in Europe, the company said. North America contracted 9% as a result of normalizing replenishment of dealer fleets and somewhat lower end customer demand.
