Kongsberg Gruppen Q3 revenue beats estimates on defence demand

By Reuters News


Overview

  • Norway defence technology firm's Q3 revenue rose 50% yr/yr, beating analyst expectations

  • Company cites strong demand for missiles, air defence and remote weapon stations

  • Order backlog reached record NOK 174.2 bln in Q3


Outlook

  • Company says strong order backlog provides foundation for continued growth

  • Kongsberg sees continued strong demand across its defence and technology portfolio

  • Company says record-high order backlog gives visibility for future development


Result Drivers

  • DEFENCE DEMAND - Co said strong demand for missiles, air defence systems and remote weapon stations drove Q3 results

  • CAPACITY EXPANSION - Co said expansion of production capacity, including in Poland, supported ability to meet higher demand

  • UNDERWATER TECH - Co said contracts and acquisitions in underwater technology expanded portfolio and U.S. market presence


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Revenue

Beat

NOK 11.30 bln

NOK 10.46 bln (8 Analysts)

Q3 Orders

NOK 23.30 bln


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 2 "hold" and 1 "sell" or "strong sell"

  • The average consensus recommendation for the aerospace & defense peer group is "buy"

  • Wall Street's median 12-month price target for Kongsberg Gruppen ASA is NOK400.00, about 28.2% above its October 28 closing price of NOK312.10

  • The stock recently traded at 32 times the next 12-month earnings vs. a P/E of 36 three months ago


Reuters Recommended Reads

  • Oct 29 - Kongsberg Q3 orders jump on strong missile, air defence demand

  • Oct 28 - Aselsan order backlog jumps to $30.7 bln as air defence demand surges

  • Oct 29 - Rheinmetall wins option order for 69 more Schakal combat vehicles


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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