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(Sharecast News) - Swedish aerospace and defence group Saab on Thursday posted a better-than expected rise in first-quarter operating profit.
The weapons maker reported a 32% rise in first-quarter operating profit to 1.92 billion Swedish crowns, beating expectations of 1.71bn.
Like most defence firms, Saab has lifted output as European governments increase defence spending to meet the growing threat from Russia after its invasion of Ukraine and the US-Israeli war on Iran and Lebanon.
"We delivered strong organic sales growth, a higher operating margin, and solid cash flow in the first quarter. Our product offering is well aligned with the defence priorities of many nations globally," said CEO Micael Johansson.
"We continue to develop future capabilities and invest in capacity while reinforcing our ability to deliver to customers in the immediate term."
Order bookings came in at SEK 18.24bn in the quarter. Growth was strong for medium-sized orders, but fewer large orders were received in the quarter, Saab said.
Reporting by Frank Prenesti for Sharecast.com
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