Rheinmetall reported a sales increase during the third quarter of 2023 with stronger earnings expected as the company competes for several Army contracts, according to an earnings call the company held yesterday.
“We are well on track to achieve our ambitious annual targets for sustainable and profitable growth,” said Armin Papperger, the company’s chief executive officer, in a statement released the day of the call. “Many countries need Rheinmetall in order to meet the dramatically increased demand for military equipment.”
Sales increased $1.81 billion, a 24% increase over the second quarter. For the year, sales increased to $4.91 billion, a 13% increase over the previous year.
Papperger noted that, in addition to competing for the XM30 Mechanized Infantry Combat Vehicle and the Common Tactical Truck, Rheinmetall is looking for other bid opportunities to increase their market presence in the U.S.
He added that the company would consider offering their L52 155mm howitzer to the Army and unmanned systems to the Marine Corps.
Rheinmetall’s submission for the XM30, the existing Lynx infantry fighting vehicle, will have a redesigned unmanned turret that can switch between Northrop Grumman’s XM913 50mm cannon or the XM813 30mm cannon.
Papperger added that the company will deliver the first Lynx to the Hungarian Army later this year, the vehicle’s first buyer.
The vehicle will also allow the two-person crew switch between the driver or gunner roles, Michael Milner, the vice president of business development of the company’s American subsidiary, told Inside Defense at last month’s AUSA conference.
Submitting a joint bid with GM Defense, the company is offering its HX3 logistics truck for the Common Tactical Truck program, a fleet of trucks designed to replace the Army’s existing Palletized Load System, Heavy Expanded Mobility Tactical Truck, M915 Line Haul Tractor and M1088 Medium Tractor.