Truck maker Volvo reported a smaller drop in first-quarter profit than expected on Wednesday as demand returns to more normal levels in many markets following a strong 2023.

Volvo posted forecast-beating first-quarter earnings after price increases continued to feed through, helping offset normalizing truck orders and generally declining demand for construction equipment.

Truck maker Volvo reported a smaller first-quarter profit drop than expected on Wednesday and a fall back to more normal demand levels in many markets. After high levels and demand in 2023 the sector was braced for a tough 2024 and Volvo forecast fewer trucks would be registered this year,