Saab has released its financial results for the period of January to September 2024, highlighting a robust increase in demand for defence solutions as European nations work to replenish their defence stocks. Micael Johansson, President and CEO of Saab, noted that this trend reflects the company’s ongoing commitment to scaling operations through investments in capacity, production automation, and the establishment of new facilities. “We continue to see increasing demand as European nations need to replenish their defence stocks, which will require long-term efforts. This is reflected in our strong order intake in the third quarter. We are growing to meet this increasing demand, for example by investing in capacity, automating our production and building new plants. At the same time, we are delivering strong growth and improving our profitability,” he stated.
In the third quarter of 2024, Saab reported a 41% increase in order bookings, totalling SEK 21,173 million, up from SEK 14,977 million in the same period last year. This surge was primarily driven by significant growth in the Dynamics. Organic growth for the quarter reached 17%, with total sales amounting to SEK 13,546 million, compared to SEK 11,527 million a year prior, showcasing positive momentum across all business sectors.
Operating income for Q3 also saw a substantial increase of 38%, rising to SEK 1,187 million, which corresponds to an EBIT margin of 8.8%, up from 7.5% in the previous year. Net income for the quarter rose to SEK 972 million, compared to SEK 656 million last year, resulting in earnings per share of SEK 1.79, up from SEK 1.21.
Operational cash flow improved significantly, amounting to SEK 3,188 million, reversing the previous year’s negative cash flow of SEK 2,058 million, primarily due to large customer payments. The company’s net debt position also strengthened, reducing to SEK 0.5 billion at the end of the period.
Saab reiterated its positive outlook for the full year 2024, maintaining expectations for organic sales growth, EBIT growth, and positive operational cash flow.
As a leading defence and security company, Saab remains committed to its mission of helping nations keep their populations safe. With a workforce of approximately 20,000 talented individuals, the company continuously pushes technological boundaries to foster a safer, more sustainable, and equitable world. Headquartered in Sweden, Saab designs, manufactures, and maintains advanced systems across various domains, including aeronautics, weapons, command and control, sensors, and underwater systems, playing a critical role in the defence capabilities of several nations globally.
