STOCKHOLM, (Reuters) – Swedish truck manufacturer AB Volvo has reported core earnings of over 50% above the market’s expectations for its first quarter. The company juggled high market demand and strained supply chains that limited its ability to increase order books.

From 11.82 billion in 2011, the adjusted operating profit for the maker of construction equipment and trucks rose to 12.68 million Swedish crowns ($1.33billion) a year later. That’s well over the 10.55 trillion estimated by Refinitiv survey analysts.

These results exclude a previously disclosed provision related to Ukraine’s war.

($1 = 9.4982 Swedish Crowns