Stock Market News

Defence group Saab’s profit narrowly tops forecast

07/19/2024

Less than a minute

2024.07.19 01:45

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.

© Reuters. Swedish defence and security company Saab CEO Micael Johansson during the presentation of Saab's interim report, in Stockholm, Sweden February 9, 2024. Jessica Gow /TT News Agency/via REUTERS/File Photo

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.

07/19/2024

Less than a minute

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