German defense contractor Rheinmetall reported a second-quarter operating profit on Wednesday that exceeded market forecasts. [claim:1]
The company's Q2 operating profit reached €562 million ($640 million), surpassing the approximately €470 million expected by the market. [claim:2]
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. [claim:4]
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. [claim:5]
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. [claim:6]
Detailed half-year results are scheduled to be published by Rheinmetall on August 6. [claim:7]