Saab has reported its financial results for the second quarter of 2024 on 19 July, demonstrating a robust order intake and ongoing efforts to expand its capacity.
During the quarter, Saab achieved a substantial order intake of Skr40bn ($3.7bn), marking the second highest quarter in the company’s history. Micael Johansson, President and CEO of Saab, highlighted the company’s strong market position and commitment to growth. “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,” he stated.
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Key figures from the second quarter of 2024 underscore the company’s strong performance. Order bookings totalled Skr39.6bn ($3.7bn), a significant increase from Skr14.3bn ($1.3bn) in the same period last year, buoyed by several large contracts signed during the quarter.
Sales saw a 22% increase, amounting to $1.4bn, up from $1.2bn, driven by growth across all business areas, including Combitech. Earnings before interest and taxes (EBIT) rose by 25% to $125m, compared to $100m in the previous year. This increase in EBIT was accompanied by a rise in the EBIT margin to 8.8%, up from 8.5%, reflecting improved profitability across the company’s business sectors and Combitech.
Net income for the quarter grew by 27% to $95m, compared to $75m last year. Earnings per share also improved, reaching $0.17, adjusted for the 4:1 share split implemented during the quarter, up from $0.13.
Operational cash flow for the quarter was -$211m, compared to -$94m, primarily due to the timing of customer payments. Saab’s net debt position at the end of the period stood at $225m, compared to -$347m.
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By GlobalDataLooking ahead, Saab has reiterated its full-year outlook, expecting organic sales growth, EBIT growth, and positive operational cash flow to continue throughout 2024.
