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Swedish truck-maker Volvo AB said it is more than doubling planned job cuts to 4,400 as its fourth-quarter operating income dropped 17% to 996 million kronor ($180.1 million).
Sales in the fourth quarter rose 8% to 76.6 billion kronor ($13.9 billion), and revenue increased 11% in its truck division.
Truck deliveries increased 15% in the fourth quarter to 61,613.
In announcing the earnings, Volvo also said it would increase planned “white-collar” job cuts to about 4,400 jobs, from a previously announced 2,000 amounting to about 4.6% of its workforce. The company said it is part of a plan to save about 4 billion kroner in 2015.
Full-year operating income dropped to 7.1 billion kroner ($1.28 billion) from 18 billion kroner ($3.26 billion) the year prior. Revenue declined to 273 billion kroner ($49.4 billion) from 299 billion kroner ($54 billion) in 2012.