German defense contractor Rheinmetall AG (RNMBF.PK) Thursday reported third-quarter loss which widened, as a rise in cost of materials and other operating expenses eclipsed sales growth.
The company also slashed its annual adjusted EBIT forecast amid softness in the Defense sector.
After-tax loss from continuing operations totaled 16 million euros or 0.40 euro per share, compared with the loss of 3 million euros a year earlier. The company reported per-share earnings of 0.01 from continuing operations for the prior-year period.
EBIT loss was 7 million euros, compared with a EBIT profit of 17 million euros a year earlier.
Sales increased to 1.08 billion euros, from 981 million euros a year ago. Prior-year results have been restated to reflect adoption of IFRS 11.
Looking ahead, Rheinmetall also said it now expect annual sales to be at the lower end of 4.6 billion euros and 4.7 billion million euros guidance range.
The company lowered its annual forecast for EBIT before special items to 150 million euros, from the prior guidance range of 200 million euros and 220 million euros.
Rheinmetall sees earnings before tax for the full year at 55 million euros.
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