Shares Kongsberg Gruppen are up about 4.5% after the Norwegian defence equipment maker’s Q1 earnings beat estimates, helped by European defence spending.
It posted Q1 EBITDA soaring 81% to NOK 3.29 billion ($317.39 million) year-on-year.
DNB expected EBITDA to end at NOK 2.2 billion, which it said was in line with consensus estimates.
Kongsberg Gruppen’s order intake rose 63% to NOK 20.74 billion from year ago, above DNB expectation of NOK 14.8 billion.
Half of the quarterly order intake is attributed to Kongsberg Gruppen’s defence and aerospace unit, the company said.
Kongsberg said that demand for missile and air defence systems has contributed to a significant increase in its order backlog and has been an important driver for its capacity expansions.
The stock reached its highest price ever, and is among best performers on European STOXX 600 index.
Source: Reuters
