The construction equipment arm of Swedish car maker Volvo has announced its 2018 financial results, including a 27% increase in full-year sales to $9.3bn.
Volvo Construction Equipment (CE) says in a press release that both its machine and service businesses grew due to increased demand from construction, infrastructure and mining in all major markets.
The firm’s annual adjusted operating income increased to $1.25bn.
Melker Jernberg, Volvo CE president, said 2018 was a record year for the company "driven by good demand from all major regions in the construction, infrastructure and mining sectors".
He added: "In the future, we see further potential to increase volume flexibility in the supply chain, to improve quality and to grow our service business. An even stronger service business means that we can provide better support for our customers and also better balance the cyclicality in construction equipment sales."
Last year, Volvo CE teamed with Skanska to work on an "Electric Site" research project which led to a 98% reduction in carbon emissions on site.
This year, Volvo CE announced that it now delivers fully electric machines in place of smaller diesel-powered equipment.
Images courtesy of Volvo
