German defense contractor Rheinmetall reported a second-quarter operating profit on Wednesday that exceeded market forecasts.
The company's Q2 operating profit reached €562 million ($640 million), surpassing the approximately €470 million expected by the market.
Rheinmetall's Q2 revenue, up nearly 70% from a year earlier
This revenue increase follows a July 2 forecast in which Rheinmetall expected growth of more than 60% for the period.
Rheinmetall stated that operating free cash flow is expected to be significantly negative in the quarter, citing advance payments that have been shifted into later periods.
The company's order backlog rose above €80 billion during the quarter, following €11.37 billion in new contract awards and programmes, including a contract from the German military for loitering munitions.
Detailed half-year results are scheduled to be published by Rheinmetall on August 6.
