Volvo returned to a solid profit last year as firmer sales and a tight lid on costs helped it overcome a weak start to 2013 and lingering weakness in the U.S. market.

Operating earnings last year rose to 1.92 billion Swedish crowns ($301.9 million) from 66 million in 2012, a year in which one-off gains from the sale of technology to its parent company Zhejiang Geely Holding Group helped keep the carmaker in the black.