Defence group Saab’s profit narrowly tops forecast

STOCKHOLM (Reuters) – Swedish defence equipment maker Saab reported a marginally bigger-than-expected rise in quarterly operating earnings and stood by its outlook for surging sales and earnings this year amid booming demand as countries race to scale up militaries.

Saab repeated its forecast for sales to grow organically by 15-20% this year with operating earnings to rise even more.

The maker of defence material including missiles, submarines and the Gripen fighter jet said operating profit rose 25% to 1.33 billion Swedish crowns ($125 million) in the second quarter to come in just ahead of the 1.29 billion seen by analysts according to LSEG estimates.