(Reuters) – Europe’s top ammunition maker Rheinmetall on Monday posted a 46% rise in preliminary first-quarter sales due chiefly to strength in its defence business, beating market expectations.
Group sales for the quarter came in at 2.31 billion euros ($2.63 billion), above analysts’ expectation of 1.95 billion euros, according to a consensus compiled by Vara Research, it said.
It also posted a 49% rise in group operating profit, which came in at 199 million euros, again beating market expectations for 165.8 million euros.
The increase is mainly attributable to the defence business, it said in a statement.
The company also confirmed its full-year outlook, but said it may adjust it further down the line as it sees possible improvements in market potential, especially in Europe, Germany and Ukraine.
($1 = 0.8783 euros)
(Reporting by Isabel Demetz; Editing by Tomasz Janowski and Jan Harvey)
