Swedish carmaker Volvo warned against possible production obstructions due to the global semiconductor shortage, while the group posted higher first-quarter earnings Thursday.

During the same period last year, the company started feeling the impact of the COVID-19 pandemic, before seeing a gradual recovery in the second half of the year.

"The first quarter of 2021 was characterized by high activity among our customers, which was reflected in good demand for both new products and services," CEO Martin Lundstedt said in a statement.

Net profit rose to 8.8 billion Swedish kronor ($1.05 billion), up from 4.67 billion kronor a year earlier and beating analyst expectations.

The operating margin also improved to a "historically high" 12.6%.

In the early hours of trading on the Stockholm stock exchange, shares in Volvo were up over 3%.

Going into the second quarter, the carmaker expects production stops of two to four weeks due to the ongoing shortage of semiconductors.

In contrast, it only had a "limited impact" in the first quarter.

"The global supply chain for semiconductors as well as for other components remains very unstable and uncertainty about the development is high," Lundstedt said.

"We can therefore not rule out further disruptions both in the truck business and in other parts of the group," he continued.

Several carmakers have warned in recent weeks about the impact on their production from the shortage of semiconductors, linked in particular to strong demand for consumer electronics, which is the priority for manufacturers.