November 8, 2018 / 7:13 AM / a year ago

BAE Systems sticks to forecast for flat earnings

LONDON, Nov 8 (Reuters) - Britain’s biggest defence company BAE Systems stuck to a forecast for flat earnings in 2018 and said its programmes to build ships and fighter jets for the UK, and combat vehicles and other equipment in the United States, were making progress.

BAE’s update is its first since companies have come under pressure for doing business with Saudi Arabia, BAE’s third biggest customer, in the wake of the killing of Saudi journalist Jamal Khashoggi in the Saudi consulate in Istanbul on Oct. 2.

BAE, which makes 16 percent of its annual sales from selling Typhoon fighter jets and other arms to Saudi Arabia, did not mention Saudi in its trading statement.

“Whilst a degree of geopolitical turbulence exists, the potential pipeline for Typhoon remains positive with opportunities both with partner nations and through exports,” it said on Thursday. (Reporting by Sarah Young; Editing by Mark Potter)

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