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Volvo truck shipments fall 1 percent year-on-year in February, below forecast

Reuters
A Volvo logo is seen during preparations for the 2014 LA Auto Show in Los Angeles, California November 18, 2014. REUTERS/Lucy Nicholson

STOCKHOLM (Reuters) - Swedish truck maker Volvo (VOLVb.ST) said on Thursday shipments of its trucks fell 1 percent year-on-year in February, worse than expected, weighed down primarily by a slow economy in Brazil.

The mean forecast in a Reuters poll of analysts was for deliveries at the maker of Volvo, Mack, UD Trucks and Renault trucks to come in flat year-on-year.

Volvo said deliveries rose 13 percent in its biggest market, Europe, while they were up 32 percent in North America. Shipments in Asia fell 9 percent.

The group said a 73 percent fall in Latin America was "primarily due to lower deliveries in Brazil where a slow economic development combined with more stringent financing terms for buying trucks has significantly reduced demand".

(Reporting by Stockholm newsroom; Editing by Simon Johnson)