STOCKHOLM, Jan 31 (Reuters) - Swedish truck maker Scania, one of the most profitable companies in the troubled truck industry, tripled pre-tax fourth quarter earnings on Friday, powered by a potent mix of cost cutting and tight price control.
The result of 1.26 billion Swedish crowns ($147.6 million) compares with market expectations of 937 million crowns, up from 463 million crowns for the year-ago period.
"We plan for a largely unchanged market in 2003, but we are aware of the considerable uncertainty that prevails," Scania Chief Executive Leif Ostling said in a statement.
The share, just up over half a percent before the result, rose 2.6 percent at 1231 GMT to 158 crowns in a weaker market.
While several of Scania's larger competitors have suffered from poor US truck sales, the Swedish truckmaker has fared better, because it is focused on Europe and Latin America.
But it had its share of trouble becuase of economic doldrums in Latin America, which seriously dented company revenues.
However, by exporting components and entire trucks made in Latin America to the much stronger European market, Scania has managed to uphold earnings in the region.