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Investing.com -- Rheinmetall reported a 13% rise in third-quarter revenue, though growth momentum slowed as delays in German government procurement decisions weighed on results.
The defense manufacturer posted sales of 2.78 billion euros ($3.19 billion) for the three months ended Sept. 30, slightly below the company-compiled consensus of 2.815 billion euros.
Net profit came in at 173 million euros, missing the 235.5 million euros expected by analysts surveyed by Alpha Value.
Operating profit, a key metric for investors, reached 360 million euros, marginally above expectations of 355.1 million euros. The company’s order intake totaled 2.36 billion euros for the quarter, bringing its backlog to 63.8 billion euros.
“The foundations have now been laid for a strong fourth quarter, especially as the German Armed Forces’ planned major programmes are now secured in the federal government’s financial planning and will be commissioned in the coming months,” Chief Executive Armin Papperger said.
Rheinmetall reaffirmed its guidance for 2025.
"Q3 results are a relief, in our view, in line with consensus and leading to no change to the group’s guidance as was feared by some investors and reflected in the recent share price softness," Jefferies analyst Chloe Lemarie said in a note.
"Consensus remains above the group guide, but reiteration of the guide should provide relief ahead of the group’s CMD on 18 November," she added.