Germany-based Rheinmetall has reported 35.7% increase in sales in the first nine months of fiscal year 2024 to €6.3bn ($6.8bn) compared to €4.618bn in the same period a year ago.
The increase is attributed to ‘very dynamic market’ situation in the military business, which resulted in continued demand from the armed forces in the EU and NATO, as well as the continued aid for Ukraine.
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The company’s operating result increased to €705m in the first nine months of 2024 from €410m in the prior-year period.
Sales growth and earnings contributions from Rheinmetall Expal Munitions, acquired in August 2023 in Spain, boosted the operating results.
The company also reported improved earnings per share from continuing operations to €7.32 in the first nine months of 2024 fiscal year from €4.88 to the same period of the previous year.
Rheinmetall’s Vehicle Systems division, which supplies tracked and wheeled military vehicles, has reported a 52% YoY increase in sales to €2.537bn in the first nine months of 2023.
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By GlobalDataThe Weapon and Ammunition division reported sales of €1.554bn in the same period, up around 64% compared to last year’s €608m.
Sales from the Electronic Solutions division recorded an 27% increase from €820m to €1.038bn on a YoY basis.
The total order intake and the volume of newly signed framework agreements with military customers increased by €1.9bn. Additionally, the total of orders in hand, along with the expected call-offs from existing framework agreements with military clients, reached €20.6bn.
Rheinmetall CEO Armin Papperger said: “Rheinmetall is needed, as demonstrated by our numerous successful orders. We are experiencing growth like we have never seen before in the group. We have entered into pioneering collaborations and have promising projects in many countries – for example in the USA, Great Britain, Italy and Ukraine.
“We have major orders in our pipeline, which will ensure further growth in sales in the years to come. In addition, we are building new production facilities, expanding our capacities massively and making strategic acquisitions. This will bring us closer to our goal of becoming a global champion in the defence industry.”
In October 2024, Rheinmetall partnered with Italian company Leonardo to form a joint venture to create a new European hub to develop and produce military combat vehicles.
