Swedish defense contractor Saab has recorded a strong order intake of SEK 40 billion ($3.76 billion) in the second quarter of the year, according to the data released Friday.
The company said it is the second highest quarter in the company’s history.
“Our portfolio is uniquely positioned and we are strengthening our market presence. We are also continuing our uplift in investments for additional capacity and are fully focused on securing competences and increasing our workforce,” Micael Johansson, President and CEO of Saab said in a company statement.
According to the released data, order bookings amounted to SEK 39,574 million with several large contracts signed and booked in the second quarter.
Sales increased 22% and amounted to SEK 15,170 million, driven by growth in all business areas and Combitech.
In the said period, EBIT (Earnings Before Interest and Taxes) increased by 25% and amounted to SEK 1,331m. The EBIT margin, meanwhile, increased to 8.8%, driven by improved profitability across the business areas and Combitech.
The company’s net income increased by 27% to reach SEK 1,012 million.
Earnings per share improved to SEK 1.85, where the number of shares has been adjusted according to the 4:1 share split implemented in the quarter.
Operational cash flow in the quarter was SEK -2,251m and related to timing of customer payments.
Net debt position was SEK 2.4 billion at the end of the period.
The full year 2024 outlook on organic sales growth, EBIT growth and positive operational cash flow is reiterated.
