STOCKHOLM (Reuters) -Swedish defence material maker Saab reported a bigger-than-expected rise in second-quarter operating earnings on Friday and raised its guidance to project even stronger sales this year on the back of soaring military spending.
The maker of the Gripen fighter jet in a statement said operating earnings rose to 1.98 billion Swedish crowns ($204 million) from 1.33 billion a year ago, beating a mean forecast of 1.71 billion seen in a LSEG compilation of analyst forecasts.
Saab, which makes military equipment ranging from missiles and advanced electronics to submarines, said it expected like-for-like sales to grow 16-20% this year, raising its outlook from anticipated growth of 12-16%.
It repeated it expected operating profit to rise even faster than sales.
($1 = 9.7292 Swedish crowns)
(Reporting by Niklas Pollard, editing by Essi Lehto)
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