Saab, the global defence and security company, has released its financial results for the third quarter (Q3) period of July-September 2024.
The company reported strong order intake, sales growth and cash flow in Q3 2024.
Order bookings for Saab during the quarter surged by 41%, amounting to Skr21.17bn ($2.8bn), with the Dynamics division playing a key role in this growth. It reflected order growth of both large and small-sized orders in the quarter.
Organic growth was reported at 17%, with sales reaching Skr13.54bn, marking progress in all business areas and Combitech driven by continued high activity pace in programmes and deliveries.
The Q3 financial results also demonstrated a rise of 48.17% in net income to Skr972m ($92.23m), compared with Skr656m in the same period last year.
The company's operating income for the quarter reached Skr1.18bn compared with Skr859m in 2023.
The profitability is attributed to the contributions from the Surveillance and Dynamics divisions, alongside growth across all other business areas.
Earnings per share after dilution for the quarter stood at Skr1.79 compared with Skr1.21 in the same period a year ago.
Saab president and CEO Micael Johansson said: “We continue to see increasing demand as European nations need to replenish their defence stocks, which will require long-term efforts.
“This is reflected in our strong order intake in the third quarter. We are growing to meet this increasing demand, for example by investing in capacity, automating our production and building new plants. At the same time, we are delivering strong growth and improving our profitability.”
Sales for the first nine months of 2024 amounted to Skr42.901bn and order backlog amounted to Skr190.056bn. Order bookings for this period amounted to Skr79.242bn.
Looking ahead, Saab anticipates the organic sales growth for the full year 2024 to be between 15% to 20% but at the upper end of the range.
It expects operating income growth to be higher than organic sales growth and cash flow to be positive for the full year.
