Profit boost for Saab

Swedish defence and aerospace company Saab has reported pre-tax profits of 357 million kronor for the third quarter. During the same period last year, profits were 345 milion.

“Saab continues to do well. After three quarters, sales and income are well in line with our expectations,” said CEO Åke Svensson.

Turnover at the company rose from 4.025 billion kronor to 4.260 billion. The results were better than market expectations. Analysts had predicted turnover of 4.079 million, according to Reuters.

Operating margins of 8.7 percent for the third quarter were higher than the 7.8 percent reported for the second quarter. Orders worth 4.547 billion kronor were received during the period.

The company said that its results for the year would be dented by the 450 million kronor structural costs of incorporating Saab Microwave Systems, which the company took over from Ericsson earlier this year.

“We have finalized strategically important acquisitions that are now being integrated in Saab, and the order backlog is the highest ever,” said Svensson.