German defence contractor Rheinmetall reported a stronger-than-expected second-quarter operating profit on Wednesday as booming demand for military equipment helped drive a sharp increase in revenue across all business segments.
Financial Performance
Operating profit climbed to €562 million ($640 million), beating market expectations of about €470 million, while revenue rose nearly 70% from a year earlier to about €3.3 billion.
Rheinmetall had already said on July 2 that it expected revenue growth of more than 60% for the reporting period. The company’s order backlog exceeded €80 billion in the quarter after it recorded €11.37 billion in new contract awards and programmes, including one from the German military for loitering munitions.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
