Backs FY guidance (Il Sole 24 Ore Radiocor) - Stockholm, 19 Jul - Swedish defense company Saab said that in the second quarter order bookings jumped to 39.574 billion crowns from 14.315 billion the year earlier, reflecting increased spending on defense due to geopolitical tensions.

It is the second highest quarter in terms of order bookings in the company's history. Over the last 12 months, Saab has exceeded 100 billion crowns in total order bookings with the backlog now at a record 183 billion crowns, up 35% compared to the same period last year.

Sales rose 22% to 15.17 billion crowns driven by growth in all business areas and in Combitech. Organically, sales were up 21%.

EBIT was 25% higher at 1.331 billion crowns for a margin of 8.8%, up from 8.5%. The improvement was driven by scale effects from higher volumes in Aeronautics, Dynamics and Kockums. In Surveillance, margins were impacted by an unfavourable mix from a few low-margin legacy contracts, combined with costs related to the high level of recruitment.

Net income rose 27% to 1.012 billion crowns.

The group confirmed its guidance of a 15-20% increase in organic sales with EBIT rising more than the increase in organic sales.

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(RADIOCOR) 19-07-24 12:52:41 (0269) 5 NNNN