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Swedish defense company Saab beat earnings expectations in the second quarter amid booming demand for military equipment. Order backlog amounted to 317.7 billion crowns, up from 197.6 billion a year ago and marking a fifth straight quarter of a growing order book.

The Swedish defense company backed its medium-term growth guidance after signing several large orders recently.

Swedish defence and aerospace ‌group Saab reported a bigger-than-expected rise in operating earnings for the ​second quarter on Friday ​as booming demand in its major ⁠markets drove a sharp ​rise in sales and order bookings.

NATO announced a roughly $4.5 billion plan on Tuesday to buy up to 10 Saab GlobalEye surveillance planes to replace ageing AWACS early warning ​aircraft, backing a Swedish system over a rival solution from U.S. planemaker Boeing.

NATO will announce plans ​at next week's ‌Ankara summit to replace its ageing ​fleet of ​AWACS aircraft with GlobalEye ⁠surveillance planes ​from Sweden's Saab , four ​sources familiar with the matter said.