STOCKHOLM (AP) – Swedish truckmaker AB Volvo on Tuesday saw its second-quarter net profits fall by nearly 5 percent, mainly on the back of lower truck sales in Brazil and Europe and higher investment costs related to future products.
Net profit in the three-month period came to 4.86 billion kronor ($697 million), down from the 5.12 billion kronor recorded in the same three months a year ago.
The Goteborg-based group noted its strongest-ever sales in the quarter however, reaching 83.9 billion kronor from 78.96 billion kronor, but the trend was not able to offset neither the rising costs or the tighter operating margin, which fell to 8.7 percent from 9.7 percent due to a change in its market mix.
Volvo CEO Olof Persson said the company's biggest unit, the truck operations, was particularly affected by this, with a higher proportion of its sales going to the North American market in the quarter, and less to the Brazilian and European markets.
While demand in Europe, particularly in the southern part of the continent, has been hit by the financial turmoil, Brazil was hurt by a transition to new emission rules and a slowdown in the country's economy. North America on the other hand was boosted by an “ongoing need to replace the aging commercial vehicle population.” In Japan, the need for trucks for the reconstruction work linked to last year's earthquake in Fukushima boosted demand.
To adjust to the situation, Volvo downgraded its 2012 market forecast for heavy-duty trucks in Brazil to 90,000 from105,000. However, it reiterated its outlook for Europe, North America and Japan.
Persson, whose company sold its Volvo Aero unit in the quarter, said the move will allow Volvo to focus more on its main operations, adding it is likely to lead to expansion in some areas.
“We will free up capital that can be utilized to expand our core operations, notably in growth markets such as Asia,” he said.
Following the update, Volvo's share fell 1.6 percent to 77.60 kronor ($11.14) on the Stockholm stock exchange.
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When Snooki & JWoww premiered, everyone expected the Jersey Shore spin-off to be as wild as the original. Yet five episodes into the series and there have been zero arrests, no hint of a brawl and nada when it comes to even the briefest nudity. What kind of reality show is this?! Have Nicole “Snooki” Polizzi and Jenni “JWoww” Farley actually been – dare I say? – domesticated?
After five seasons of Seaside mayhem, Snooki & JWoww is a startlingly tame turn for the reality stars that no one saw coming. Even Jenni's boyfriend Roger declared in the premiere, “You couldn't live in Antarctica in a… igloo with Nicole and not be crazy.” but, thanks to Snooki's pregnancy and engagement to Jionni LaValle, Roger was soon proved wrong.
Without alcohol for the pair to fall back on, the foundation of Snooki & JWoww isn't drunken debauchery, but the girl's strong female friendship – a rarity on TV, which is currently dominated by frenemy heavy series like Real Housewives and Revenge.
Scoff all you like, but it's genuinely heartwarming to watch Snooki discover the ups-and-downs of motherhood with her best friend by her side. Moments like Snooki's first ultrasound, when proud godmother Jenni tears up in awe, will make any viewer's cold black heart grow three sizes.
Snooki's initial reaction at the appointment, on the other hand, was not so heartwarming. “Eww!” Snooki screamed after seeing her unborn baby. “I'm going to throw up.”
Though, after she had time to let everything sink in, the pint-sized reality star later mused, “I was so worried over nothing, but I guess that's what motherhood is: always worrying about your kid.”
Are these words of wisdom really coming from the same girl who is famous for humping trees and flashing her ladybits at dance clubs?
You better believe it. Snooki's surprising level of maturity may be proof of the influence her level-headed fiancé has had on her.
Jenni's current boo, Roger, acts like trash-talking Jionni is his full-time profession. his topic of choice: Jionni's short stature, which has inspired such witty banter as, “I had a bigger bowel movement than you this morning.” but instead of escalating the situation into a full-on fight, Snooki's fiancé remains unfazed and takes the jokes in stride. Compare that to Snooki's Shore co-star, Sammi “Sweatheart,”who once nearly broke up with her off-and-on boyfriend Ronnie after he simply joked that she had a “Flintstone toe.” Overreact much?
If you still don't believe Snooki and Jenni have truly grown up, consider this: One of the biggest dramas of the series so far was when the girls' decorative drapes fell just hours before a big dinner party. Scandalous!
Plus, the girl's foray into adulthood hasn't gone unnoticed by those around them. “What the hell did you do with Nicole?” Vinny balked during his first visit to their apartment. “Nicole is cooking, cleaning. this is, like, [stuff] that I've never seen from Nicole. Hell is freezing over right now.”
But don't get me wrong. Just because the series is tame, doesn't mean it isn't just as entertaining as Jersey Shore. Snooki's absurd ignorance when it comes to all things common sense provides more than enough entertainment to fill half an hour each week.
Whether it's not knowing the difference between kosher and organic food, needing Jenni to explain what a vase is (yes, this kind of vase), or learning that having a baby is “so much worse” than holding in farts, Snooki is still the same hilarious pickle princess we fell in love with three years ago.
The pair is also delightfully candid when it comes to every little detail of their lives, letting audiences see them as actual people instead of simply larger-than-life reality stars. I mean, who can't relate to Snooki's irrational refusal to use an unflushed toilet simply because “there's little turds looking at me”?
Underneath the abundance of animal print and oddly high number of poop jokes, Snooki & JWoww is an honest look at a friendship sweet and relatable enough to melt the heart of any juicehead.
By LOUISE NORDSTROMAssociated Press
View the original article on TVGuide.com