Rheinmetall AG : Q3 2018 results in-line, but growth concerns in Defence remain
>Q3 2018 group operating result in line - Rheinmetall released its Q3 2018 results yesterday (08 Nov). Group sales for Q3 2018 came in at € 1,411m (+3% yoy, organic +5% yoy) in line with both our expectation (€ 1,407m) and consensus (€ 1,415m). The group operating result of € 98m (6.9% margin, -20bp yoy) was also in line with consensus (€ 98m, 6.9% margin), but better than we anticipated (€ 91m, 6.5% margin) mainly as Automotive was able to maintain a higher-than-expe...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.
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