Volvo Reports 16% Drop in 2024 Construction-Equipment Revenue

Volvo CE reported almost $8 billion in construction-equipment revenue for 2024, down 16% from 2023 after currency conversions.

Fourth-quarter construction-equipment revenue was down as well, dropping 17% to $2 billion. Overall adjusted operating profit for the full year 2024 was down 25% to $1.1 billion.

Deliveries of construction equipment were also down by 5% year-over-year in the fourth quarter with notable impact coming from the European and North American markets. However, total net order intake for construction equipment was up 19% to 15,298 units versus Volvo CE’s 2023 fourth quarter.

Net order intake of construction equipment for the full year 2024 was up 9% to 53,453 units, though deliveries were down 7% to 56,043 units.

Net sales of construction equipment in North America dropped 31% to $2.1 billion for the full year 2024. North American net order intake was down 24% for the year to 5,257 units, and total deliveries were down 25% to 7,116 units.

Volvo CE said that, in North America, the market dropped from previous high levels as dealer and rental fleet replenishment stabilized. The company continues to forecast construction-equipment sales in North America will at best remain unchanged and at worst decline 10% in 2025.

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Total net sales among all Volvo’s business segments for the year came in at $47.3 billion, down 4.6% year-over-year. Total net sales in fourth-quarter 2024 were also down 6.5% to $12.4 billion.

Volvo CE just recently announced a total redesign of its articulated dump truck lineup and introduced a 50-ton model.

All currency conversions as of February 3, 2025.