May 9, 2019 / 5:58 AM / a month ago

Rheinmetall Q1 sales boosted by forecast-beating Defence unit

BERLIN, May 9 (Reuters) - Germany’s Rheinmetall on Thursday confirmed its outlook as it reported a 6.6 percent revenue increase in the first quarter, mainly driven by its booming Defence unit.

Sales at Rheinmetall’s Defence division, which accounts for roughly half of the company’s overall sales, jumped by 24 percent to 629 million euros ($703.98 million), beating the consensus forecast for 604 million euros.

Sales at the company’s Automotive unit decreased by 5 percent to 714 million euros, in line with expectations.

Shares in Rheinmetall were indicated to open 1.3 percent higher at 0549 GMT.

$1 = 0.8935 euros Reporting by Tassilo Hummel Editing by Michelle Martin

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