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Share Price Information for BAE Systems (BA.)

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Share Price: 1,335.00
Bid: 1,336.50
Ask: 1,337.00
Change: -48.00 (-3.47%)
Spread: 0.50 (0.037%)
Open: 1,381.50
High: 1,384.00
Low: 1,320.50
Prev. Close: 1,383.00
BA. Live PriceLast checked at -

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Defence firm Saab raises sales outlook after Q1 profit jump

Fri, 26th Apr 2024 07:54

SAAB Q1 operating profit up 28% on the back of strong demand


Raises full-year organic growth forecast to 15-20%


Geopolitical turmoil, NATO accession drivers behind growth

STOCKHOLM, April 26 (Reuters) - Swedish defence equipment maker Saab reported on Friday a 28% rise in first-quarter operating profit and raised its organic sales growth forecast on the back of strong demand amid Sweden's NATO accession.

Operating profit at the maker of the Gripen fighter jet was 1.19 billion crowns ($109 million), compared with 928 million a year earlier.

"We are doing very well in the market," CEO Micael Johansson told Reuters. "We have a strong order intake, a lot of medium and small orders that are increasing, which is great as a basis for the company."

Saab raised its organic sales growth forecast for 2024 to 15-20% from 12-16% previously.

The company, which competes with U.S. defence giant Lockheed Martin, France's Dassault and Britain's BAE Systems , has seen strong demand for its products over the past year due to geopolitical turmoil and Sweden's accession to NATO.

Johansson said Sweden's membership meant that the company now was able to participate in the alliance's tender processes.

"We have received at least three orders for support weapons and Robot-70s from that body. We had difficulty accessing that when we were not members," he said.

Saab's support weapons include man-portable anti-tank weapons, while Robot-70 is an air defence system.

Order bookings increased to 18.5 billion crowns in the quarter from 17.0 billion last year. Its order backlog increased to 158 billion crowns from 133 billion.

Saab is in the process of ramping up production to cope with the demand and backlog. It recruited nearly 2,500 employees and increased capital expenditure by more than 50% in 2023, and added another 725 people in the first quarter of this year.

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28 May 2024 11:55

Edinburgh Investment Trust outperforms thanks to M&S, BAE and Centrica

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14 May 2024 07:55

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13 May 2024 15:36

London close: Stocks take a breather after last week's surge

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13 May 2024 12:59

BofA Merrill Lynch downgrades BAE Systems

(Sharecast News) - BAE Systems was under the cosh on Monday after Bank of America Merrill Lynch downgraded shares of the defence company to 'neutral' from 'buy'.

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13 May 2024 12:01

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13 May 2024 09:41

LONDON BROKER RATINGS: BAE Systems and Mondi cut to 'neutral'

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13 May 2024 09:01

LONDON MARKET OPEN: Stocks make steady start as investors eye US CPI

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9 May 2024 15:21

London close: Stocks manage gains as BoE holds rates

(Sharecast News) - London markets closed on a positive note on Thursday, bolstered by the Bank of England's decision to maintain interest rates, in line with market expectations.

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9 May 2024 12:11

LONDON MARKET MIDDAY: Stocks climb as BoE holds but two back cut

(Alliance News) - The FTSE 100 was higher on Thursday afternoon, after the Bank of England maintained the benchmark UK interest rate at 5.25%, albeit with a vote split that encouraged rate cut expectations.

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9 May 2024 09:30

TOP NEWS: Upbeat BAE Systems backs outlook for double-digit sales rise

(Alliance News) - BAE Systems PLC on Thursday said trading is in line with expectations backed by increased defence spending.

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9 May 2024 08:00

LONDON BRIEFING: Stocks called up ahead of BoE interest rate decision

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9 May 2024 07:02

BAE holds guidance, sees boost from global tensions

(Sharecast News) - Weapons maker BAE Systems held annual guidance and said global geopolitical tensions should boost orders as countries increased defence spending.

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8 May 2024 19:10

Sector movers: Aerospace and Defence, Pharma pace gains

(Sharecast News) - London's main stock market gauges continued to push higher in the middle of the week, even as investors waited on the Bank of England's policy announcement on the following day.

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3 May 2024 14:39

Cameron says UK will appoint envoy to ramp up defence production

(Alliance News) - David Cameron has pledged to appoint a new envoy to ramp up the UK's production of weapons and ammunition.

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