Arms maker, Rheinmetall reports 33% higher sales in Q1

Admin I Friday, August 09, 2024

 

BERLIN – German arms major Rheinmetall reported higher sales for the first half of the year on Thursday. The company reported sales of €3.815 billion ($4.17 billion) for the first half, 33% higher than the €2.861 billion in the comparable period last year.

Sales in Vehicle Systems increased 28% year-on-year to €1.3 billion; Weapon and Ammunition sales grew 93% to €1.054 billion; Electronic Solutions sales rose 28% to €647 million, while sales in Power Systems was €1.056 billion, slightly above the previous-year’s figure of €1.026 billion.

Operating result was €404 million, up 91% from €212 million a year ago.Earnings per share from ongoing operations improved in the first half to €4.21 from the previous year’s €2.53.

Compared to the first half of the previous year, the value of Rheinmetall Nomination more than doubled in the first half rising to €15.376 billion from €7.192 billion in the previous year.

Looking ahead, the company continues to expect fiscal 2024 sales to be around €10 billion.