UK defence group BAE confident on 2024 forecasts and future growth
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LONDON, Nov 12 (Reuters) -Britain'sBAE Systems BAES.L said it was confident of meeting annual guidance to grow earnings by 12% to 14% this year, and highlighted the potential for its order book offighter jets, submarines and weapons to expand further in future.
BAE, Europe's biggest defence company, in August upgraded its forecast for underlying earnings (EBIT) to reflect the ongoing surge in military spend in an environment of heightened geopolitical risk, and said it saw this trend continuing.
Commenting on the U.S. market following last week's presidential election, the group, which generates over 40% of sales from that country, said it continued to see growth opportunities there in the medium term.
It also said markets in the UK, Europe, the Middle East and Asia Pacific were poised for higher defence spending from which it expected to benefit.
Orders for kit kept flowing over the last three months, BAE said, with contracts won to supply artillery, Bradley fighting vehicles and armoured vehicles.
"Focusing on operational excellence, contracting discipline and growing our workforce is enabling us to consistently deliver critical capabilities and technologies for our customers worldwide," BAE Chief Executive Charles Woodburn said.
Shares in BAE have soared 80% in the last two years, outperforming Britain's bluechip index .FTSE which is up 10%.
Reporting by Sarah Young; editing by James Davey
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