Italian rocket maker Avio jumps on 'strong' Q1 results

Shares in Italy's Avio AVI.MI rise 5.7% after the rocket maker posts "strong" Q1 results late on Tuesday

Q1 sales were up 19% YoY at 129 million euros ($151 million), beating Jefferies estimates by 8%

Q1 adjusted EBTIDA also up 19% YoY at 5.2 million euros, 10% above Jefferies' estimates

Avio's "strong" start of the year was driven by a 32% rise in its space propulsion sales, with defence and launch systems divisions sales both up 17%, Jefferies says

Current geopolitical events made demand for defence products grow even higher than what was previously indicated by the group, Equita says

Avio said it expects its defence business to make up 60% of its revenues by 2035

Shares up 7.5% YTD, including session's gains

($1 = 0.8542 euros)