Saab second-quarter orders rise to 68.4 billion kronor as backlog hits record 317.7 billion

According to CNBC, Swedish defense company Saab beat second-quarter earnings expectations as demand for military equipment drove its order backlog to another record. New order bookings for the quarter ended June totaled 68.4 billion Swedish crowns ($7.1 billion), above FactSet estimates of 57.1 billion crowns, including a Polish submarine deal worth 47 billion crowns. The total backlog rose to 317.7 billion crowns from 197.6 billion a year earlier, marking a fifth straight quarter of order book growth. Saab said sales were 25.5 billion crowns, above FactSet estimates of 23.9 billion crowns, and operating profit was 2.8 billion crowns versus expectations of 2.4 billion crowns. CEO Micael Johansson said the company operates in a market with structurally growing demand and is focused on expanding capacity, delivering to customers and advancing new capabilities.