Saab results show strong sales growth in Europe for Q3 2024
- Order bookings increased by 41% to SEK 21.2 billion, reflecting heightened demand in the defense sector.
- Sales figures revealed a growth to SEK 13.5 billion with net income rising to SEK 972 million.
- Saab's strong performance highlights its ability to adapt and capitalize on the growing defense needs in Europe.
In Sweden, Saab reported strong financial results for the third quarter of 2024, highlighting a significant increase in demand for defense products among European nations seeking to replenish their stockpiles. The company's order bookings surged by 41%, totaling approximately SEK 21.2 billion, mainly attributed to impressive growth in its Dynamics sector. Sales figures also showed robust growth of 17%, amounting to SEK 13.5 billion, reflecting contributions from all business areas. The company's net income rose to SEK 972 million, showing a clear upward trend compared to previous earnings. Moreover, operational cash flow greatly improved to SEK 3.2 billion, largely due to significant customer payments received in the quarter. This positive financial performance indicates Saab's capability to efficiently manage its operations amid increasing global defense demands. With net debt decreasing to SEK 0.5 billion, Saab's financial health has enhanced, positioning the company for future growth. President and CEO Micael Johansson recognized the importance of investing in production capacity, automation, and plant development as essential strategies to meet the soaring defense requirements across Europe. The company maintains a positive outlook for the remainder of 2024, reiterating expectations for organic sales and EBIT growth, along with continued positive cash flow. Such results underline Saab's critical role in supporting national defense capabilities while reinforcing its commitment to innovation and sustainability in the defense sector.