Rheinmetall Profits up 15% in Q1

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...

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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Source: www.janes.com