Rheinmetall AG : Better-than-expected Q1 2019 results; we remain Neutral
>Group operating earnings better-than-expected - Rheinmetall reported its Q1 2019 results yesterday (09 May). Group sales came in at € 1,343m (+7% yoy, organic +7% yoy), a touch ahead of both our estimate (€ 1,329m) and consensus (€ 1,316m). Group op. earnings stood at € 54m (4.0% margin, +30bp yoy) and thus well above our estimate (€ 42m) and consensus (€ 44m).This beat was driven by i/ stronger than expected growth in op. earnings due to product mix effects, and ii...Rheinmetall is a holding company. Through its subsidiaries, Co. operates in two sectors: defence and automotive. Co.'s defence sector is comprised of three divisions: combat systems, engaging in armored tracked vehicles and NBC protection systems; electronic solutions, engaging in air defence systems and soldier systems; and wheeled vehicles, engaging in wheeled logistics vehicles and wheeled tactical vehicles. Co.'s automotive sector is comprised of three division: mechatronics, engaging in cutting emissions and air management systems; hardparts, engaging in pistons and plain bearings and bushes; and motorservice, which includes aftermarket activities for replacement parts business.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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