Posts 45 jump in preliminary Q1 earnings
Adjusted EBIT 18.4 bln crowns vs forecast 12.9 bln
Full earnings due on April 20
Shares rise 9.6 in early trade

OSLO, April 12 Reuters AB Volvo reported record firstquarter profit, a preliminary filing showed, as the truck maker boosted its revenue and margins despite supply bottlenecks and cost inflation, sending its shares up 9.6 in early trade on Wednesday.

Its adjusted operating profit rose 45 to 18.4 billion Swedish crowns 1.76 billion for the JanuaryMarch quarter, well above the 12.9 billion expected by analysts polled by Refinitiv Eikon.

The Swedish company had said as recently as January it expected disturbances, stoppages and extra costs to persist, with soaring inflation and the energy crisis adding to the pain.

Volvo did not elaborate on what had spurred its turnaround and did not provide a profit outlook in its preliminary earnings which were released late on Tuesday. It declined to comment further.

We believe this quarter was influenced by price increases and a much better supply chain situation leading to less stop and go on the production line allowing the firm to deliver very strong results, analysts at JPMorgan said in a research note.

Volvo shares were up 8.0 at 210 crowns as of 0725 GMT versus a 0.8 rise in Stockholm39;s benchmark share index.

Volvo and rivals such as Germany39;s Daimler Truck and Traton have struggled with semiconductor shortages and broader supply chain issues and strained freight…