German defence and automotive group Rheinmetall AG saw strong growth in the first quarter of the year, with financial results published on 9 May indicating a particularly successful start to the year for the company’s defence business.
Overall, the company’s revenue increased by 6.6% year on year, reaching EUR1,343 million (USD1,508 million), while operating profit rose by 15% to EUR54 million.
Rheinmetall Defence was responsible for the growth of both measures, with automotive sales and earnings down by 4.9% and 25% respectively.
Driven by improvements across all of its business units, Rheinmetall Defence generated revenue of EUR629 million in the quarter, an improvement of 24% compared with the same period in 2018.
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