UPDATE 2-Volvo ups outlook as Q1 margin defies cost rise


* Q1 operating profit 6.5 bln SEK vs forecast 5.5 bln * Order bookings up 40 percent * Raises market forecast for Europe, North America in 2011 * Op margin 9.1 percent vs 7.7 percent forecast (Adds analyst comment, detail, background) By Niklas Pollard and Johannes Hellstrom STOCKHOLM, April 27 (Reuters) - World number two truck maker Volvo AB rolled out proof of surging market demand on Wednesday and reassured investors worried about cost pressures with forecast-beating profit ...

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