In its first-quarter results, Rheinmetall has said it does not expect the Covid-19 coronavirus pandemic to have a lasting impact on its defence business this year adding that despite the outbreak it expects the division’s sales to continue to grow.
Across the board, Rheinmetall saw a slight consolidated sales increase of 1.1% to €1.358bn ($1.47bn), however, the company’s consolidated earnings fell by €20m ($21.66) to €36.81m. Sales in the group’s automotive division fell by 14% while defence saw an 18% growth.
The company said: “Strong performance at defence sees Rheinmetall through coronavirus crisis”.
As a result of the solid defence finances, Rheinmetall released a 2020 outlook for its defence business, which ‘anticipates sales growth of between 5% and 7%’, while the group said an outlook for its automotive division is ‘currently impossible’.