Saab posts strong Q3 results despite T-7 trainer difficulties
Saab’s Gripen E fighter during RIAT 2023. (Photo: Crown Copyright/AS1 Nile Austin)
The demand for Saab’s broad portfolio remains high, the Swedish company said, with it anticipating a 2024 organic sales growth between 15-20%.
Saab has posted strong Q3 results, with the Swedish company stating it had witnessed growth in all areas of its business, with an overall growth in orders by 41%. The figures, Saab said, had been helped by a buoyant Western market – with 80% of its orders for the quarter being international and strong growth being experienced within its Dynamics sector.
“We continue to see increasing demand as European nations need to replenish their defence stocks, which will require long-term efforts,” said Micael Johansson, president and CEO of Saab. “This is reflected in our strong order intake in the third quarter.
“We are growing to meet this increasing demand...by investing in capacity, automating our production and building new plants,” he added. “At the same time, we are delivering strong growth and improving our profitability.”
The company also saw its Aeronautics sales increase by 6% compared to Q3 2023, although admitted to still being “burdened” by the production difficulties surrounding the T-7 trainer aircraft in the US.
Saab was contracted to manufacture vital components for the aircraft, with the deal announced in January 2024. Johansson said he predicted it would take at least two years before Aeronautics would begin to see “really good numbers”.
Nevertheless, highlights in this sector included the ongoing deliveries of the Gripen E to Sweden and Brazil, of which its CEO said deliveries had been made to both countries this quarter. Another boost for the Gripen E programme was its selection by Thailand’s air force and interest from the Colombian government.
Johansson also noted that Peru had shown interest in the Gripen E programme. In October, the country confirmed it would purchase 24 fighter jets for the Peruvian Air Force, of which Saab is a contender. Johansson said that he hoped Peru would start an acquisition process “soon”.
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