By Olivia Bugault
Rheinmetall AG confirmed Thursday that operating earnings for the first quarter of 2021 more than doubled on year on the back of stronger automotive demand, and it confirmed its 2021 forecast.
The German defense company reported operating earnings of 87 million euros ($104.4 million) compared with EUR34 million in the first quarter of 2020, in line with preliminary results released in April.
"In terms of sales, Rheinmetall benefited in the first quarter from the continuing economic recovery of the automotive industry and from ammunition deliveries that had originally been expected in the second quarter of 2021 but were moved forward by the customers," the company said.
Sales for the period rose to EUR1.41 billion from EUR1.36 billion, also in line with preliminary results, while the company's order backlog grew 29% to EUR13.3 billion.
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