(Sharecast News) – UK defence manufacturer BAE Systems on Wednesday lifted full-year guidance as the war in Ukraine led to increased demand for weapons, leaving the company with a record order book.
Sales guidance was increased by 200 basis points to 5 – 7%, reflecting the accelerated spend profile on the Dreadnought submarine programme and good demand and operational performance across all sectors, while underlying earnings before interest and tax (EBIT) was lifted by the same amount to 6 – 8%.
BAE posted half year underlying EBIT £1.3bn, up 10%, while the order intake was £21.1bn, leaving it with a record order backlog of £66.2bn. Sales increased 11% to £12.0bn.
Reporting by Frank Prenesti for Sharecast.com
