Rheinmetall Posts Drop In Q3 Profit, Lowers Full-Year Forecast

Rheinmetall AG RNMBF reported a drop in its third-quarter net profit and lowered its forecast for the year. For the full year, the company now projects group sales of 4.8 billion euros ($6.13 billion), versus its earlier forecast of EUR4.9 billion. It now expects earnings before interest and taxes of around EUR300 million, versus its earlier forecast of EUR354 million. Rheinmetall's quarterly net profit fell to EUR33 million, from EUR44 million, in the year-ago period. Its sales fell 0.8% to EUR1.02 billion, while earnings per share dropped 24% to EUR0.86.