German arms maker Rheinmetall has seen continued growth in the first quarter thanks to a boom in demand in the wake of the Russian invasion of Ukraine.
Compared to the same period last year, sales rose by 16% to €1.58 billion ($1.7 billion), the company, which is listed on Germany's Germany's DAX index of blue-chip stocks, said on Tuesday.
The operating result at Rheinmetall surged by 60% to €134 million, though analysts had been expecting even better results.
The operating margin, meaning the ratio between the operating result and sales, stood at 8.5% at the start of the year.
Rheinmetall confirmed its forecast for the year as a whole.
According to the company, business with the armed forces in Germany and partner countries as well as activities in support of Ukraine continue to be the main drivers.
In the first quarter, order intake rose to around €4 billion from €3.1 billion in the same period last year. Rheinmetall now has an order backlog of more than €40 billion.
