UPDATE 1-Rheinmetall confirms outlook following solid Q3

Tue Nov 10, 2009 7:23am GMT
 
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* Q3 oper profit 30 mln eur vs Rtrs poll estimate 23 mln

* Confirms on track to post positive 2009 EBIT incl one-offs

* Sees Defense EBIT in 2009 of 190 mln eur

* Shares indicated up 0.6 pct in pre-market trade

(Adds details)

FRANKFURT, Nov 10 (Reuters) - German defence and automotive parts supplier Rheinmetall (RHMG.DE) reported higher than expected third-quarter operating profit and reaffirmed the group would be profitable this year including one-off charges.

Earnings before interest and tax (EBIT) halved to 30 million euros ($44.92 million), better than the 23 million euros on average expected in a Reuters poll of 11 analysts.

"Our efforts at Automotive are showing effect and with our rigorous cost reductions we have not only generated a positive result by the end of September, we have also sustainably made sure that even with lower sales the sector can still post a clear profit in future," Chief Executive Klaus Eberhardt said.

Rheinmetall said it was on track to post a positive EBIT in 2009 even when accounting for restructuring expenses and writedowns at its automotive division that so far this year total 71 million euros.  Continued...

 

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