Saab Soars: Defense Giant Boosts Sales Outlook Amid Military Spend Surge

Saab, the Swedish defense manufacturer, reported a 16% rise in third-quarter operating profit, slightly less than expected, but it increased its full-year sales guidance. The company attributes this to heightened military spending and forecasts 20-24% sales growth this year, up from an earlier prediction of 16-20%.

Saab, the prominent Swedish defense company, announced a 16% increase in third-quarter operating profit, though slightly below analyst forecasts. However, the firm has adjusted its full-year sales guidance upward, as global military spending continues to rise.

The maker of the Gripen fighter jet reported an operating profit of 1.37 billion crowns ($145.5 million), compared to 1.19 billion crowns the previous year. Analysts had predicted a mean profit of 1.38 billion crowns according to an LSEG poll. The company experienced organic sales growth of 18% in the quarter.

Saab's product line, which includes missiles, advanced electronics, and submarines, is expected to achieve like-for-like sales growth of 20-24% this year, surpassing the prior forecast of 16-20% growth made in July.

(With inputs from agencies.)