Saab Reports Strong Q1 2024 Performance and Upgrades Sales Outlook

Saab Reports Strong Q1 2024 Performance and Upgrades Sales Outlook

(IN BRIEF) Saab, a leading defence and security company, commenced 2024 with significant achievements, including a 9% increase in order bookings, reaching SEK 18,495m. Sales saw a robust growth, amounting to SEK 14,185m, with an organic sales increase of 24%. EBIT rose by 28%, reaching SEK 1,191m, leading to an improved EBIT margin of 8.4%. Net income improved to SEK 784m, and the earnings per share increased to SEK 5.71. However, operational cash flow was SEK -1,998m due to investments and increased inventory. Saab’s net liquidity position was SEK 0.8 bn. The company also upgraded its sales outlook for 2024 to an organic growth between 15-20%, compared to the previous outlook of 12-16%. The Annual General Meeting decided on a dividend of SEK 6.40 per share for fiscal year 2023 and a 4:1 split of Saab shares. The company’s leadership will present the interim report for Q1 2024 on April 26, with opportunities for stakeholders to participate via webcast or conference call.

(PRESS RELEASE) STOCKHOLM, 26-Apr-2024 — /EuropaWire/ — “Saab started 2024 by delivering increased order intake, strong sales growth and improved profitability. I am satisfied with the progress we made in the quarter on capacity-related investments and recruitments. Supported by better visibility on deliveries and timing of capacity increases, we now upgrade our outlook for the full year on organic sales growth,” says Micael Johansson, President and CEO, Saab.

Key highlights Q1 2024

• Order bookings increased 9% and amounted to SEK 18,495m (17,018), driven by strong growth in medium-sized orders.
• Sales amounted to SEK 14,185m (11,485) in the quarter with an organic sales growth of 24%. All business areas and Combitech showed growth, with strong contributions from Aeronautics and Surveillance.
• EBIT increased 28% and amounted to SEK 1,191m (928). The EBIT margin also improved to 8.4% (8.1), driven by the strong sales development.
• Net income improved to SEK 784m (735) and the earnings per share increased to SEK 5.71 (5.45).
• Operational cash flow was SEK -1,998m (3,072) in the quarter due to a high level of investment, increased inventory and lower customer milestone payments.
• Net liquidity position was SEK 0.8 bn (5.3) at the end of period.
• Upgraded sales outlook 2024: organic sales growth between 15-20%, compared to previous outlook of between 12-16%.
• The AGM decided on a dividend of SEK 6.40 (5.30) per share for the fiscal year 2023, and a 4:1 split of the Saab shares.

Presentation of Saab’s results Q1 2024 

Saab’s CEO and President Micael Johansson and CFO and deputy CEO Christian Luiga will present Saab’s interim report for Q1 2024.

Date:     Friday 26 April at 10.00 a.m. (CET).

You are welcome to watch the live webcast or dial in to the conference call. It is possible to post questions over the conference call and from the webcast page.

Live webcast: www.saab.com/investors/webcast/q1-2024.

Register for conference call: www.saab.com/investors/conference-call-Q1.

The interim report, presentation material and webcast will be available on www.saab.com/investors.

Saab is a leading defence and security company with an enduring mission, to help nations keep their people and society safe.  Empowered by its 22,000 talented people, Saab constantly pushes the boundaries of technology to create a safer and more sustainable world. Saab designs, manufactures and maintains advanced systems in aeronautics, weapons, command and control, sensors and underwater systems. Saab is headquartered in Sweden. It has major operations all over the world and is part of the domestic defence capability of several nations.

The information is such that Saab AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on 26 April 2024 at 07.30 (CET).

Media Contacts:

Mattias Rådström
Head of Media Relations
+46 (0)734 180 018
presscentre@saabgroup.com

Merton Kaplan
Head of Investor Relations
+46 (0)734 182 071
merton.kaplan@saabgroup.com

SOURCE: Saab AB