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October 25, 2021

Saab reports 32% jump in Q3 sales amid strong demand

The Swedish firm’s sales increased from $700m (Skr6.06bn) in Q3 2020 to $930m (Skr7.99bn) in Q3 2021.

Swedish aerospace and defence company Saab has reported a 32% increase in sales in the third quarter of 2021 driven by strong order intake from the US and Europe.

In the three-month period to September, the company’s sales amounted to $930m (Skr7.99bn). The figure was $700m (Skr6.06bn) in the same quarter a year ago.

Saab’s order bookings in Q3 2021 totalled $1.81bn (Skr15.6bn), up 54% on a year-on-year basis.

The company’s operating income (EBIT) was $58.08m (Skr500m), compared to a loss of $77m (Skr663m) incurred in the same quarter a year ago.

The Swedish firm also returned to profit year-on-year in the quarter by recording a net income of $37.64m (Skr324m). In the third quarter last year, Saab registered a net loss of $43.1m (Skr371m).

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At the end of Q3, the company’s order backlog stood at $12.2bn (Skr105bn).

Saab president and CEO Micael Johansson said: “I am pleased to see orders growing in Sweden, rest of Europe and the US, which further strengthens Saab’s position in important markets.

“Our order backlog is now Skr105bn and underlines the strength of our portfolio and the capabilities in our five core areas.

“With the opening of the new US production site in West Lafayette, Indiana, in October, Saab took an important step in its international expansion.”

The company also joined the ‘Race to Zero’ initiative and aims to achieve net-zero emissions by 2050.

Last month, Saab secured the contract to provide the Polish Armed Forces with multiple live training systems and services.

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