Volvo reports records in recent fiscal year
GOTHENBURG, Sweden — Volvo Group reported record sales and operating income for the fiscal year just ended.
Net sales increased by 11 percent to $301.9 billion, the report states. The company reported an operating margin of 9.1 percent.
“In 2017 the Volvo Group achieved its highest sales and operating income in history. For the full year, we grew our net sales by 11 percent to ($42 billion) and improved our operating income to ($3.8 billion). Trucks, construction equipment, Volvo Penta and financial services all recorded their highest operating income ever,” Martin Lundstedt, president and CEO, said in a news release. “We also improved our profitability with an operating margin of 9.1 percent.”
The Volvo Group is one of the world’s leading manufacturers of trucks, buses, construction equipment and marine and industrial engines. The group also provides solutions for financing and service.
The Volvo Group employs about 95,000 people and has facilities near Hagerstown, Md., and Shippensburg, Pa.
First Data Corp. reports ‘solid year’ in ’17
NEW YORK — First Data Corp., a global commerce-enabling technology and solutions company, recently reported results for the fourth quarter and fiscal year ended Dec. 31.
• Fourth-quarter consolidated revenue was $3.15 billion, up 7 percent. Full-year consolidated revenue was $12 billion, up 4 percent.
• Fourth-quarter net income totaled $948 million, up $756 million. Full-year net income was $1.46 billion, up by $1.04 billion.
• Adjusted net income for the fourth quarter totaled $416 million, adjusted diluted earnings per share of 44 cents, up 13 percent. Full-year adjusted net income was $1.4 billion, with adjusted diluted earnings per share of $1.52, up 15 percent.
“The fourth quarter capped a solid year of performance for First Data as we executed across all aspects of our strategy and delivered financial results that met our guidance,” Chairman and CEO Frank Bisignano said in a news release. “We generated growth, invested in innovation and strategic M&A to further enhance our industry-leading products and services, and generated substantial cash flow, while maintaining our focus on expense management. As we enter 2018, we are well positioned as a technology leader with the right capabilities to help our customers grow their business and generate solid revenue growth and cash flow for our shareholders.”
First Data has a facility at 1 Western Maryland Parkway, Hagerstown, Md.
Tax reform impacts Citigroup figures
NEW YORK — Citigroup Inc. today reported a net loss for the fourth quarter 2017 of $18.3 billion, or $7.15 per diluted share, on revenues of $17.3 billion.
This compared to net income of $3.6 billion, or $1.14 per diluted share, on revenues of $17.0 billion for the fourth quarter 2016.
The net loss included an estimated one-time, noncash charge of $22 billion, or $8.43 per share, recorded in the tax line within Corporate/Other, related to the enactment of the Tax Cuts and Jobs Act. Excluding the impact of tax reform, net income increased 4 percent to $3.7 billion.
For 2017, Citigroup reported a net loss of $6.2 billion on revenues of $71.4 billion, compared to net income of $14.9 billion on revenues of $69.9 billion for the full year 2016. Excluding the impact of tax reform, Citigroup net income of $15.8 billion increased 6 percent compared to the prior year.
Citi has an operations center near Hagerstown, Md.