Italian shipbuilder Fincantieri increased its nine-month operating earnings measure despite a decline in revenue, with a stronger margin and growth in underwater operations. Management lifted the annual earnings target to 715–725 million euros. Firm orders reached 44.708 billion euros, while adjusted net debt fell from its level at the end of last year.
Italian shipbuilding group Fincantieri earned more from operations in the first nine months despite lower sales.[1], [2]
Earnings before interest, tax, depreciation and amortisation reached 511 million euros, a rise of 10.9 per cent. Revenue declined 1.8 per cent to 6.605 billion euros. The margin on that earnings measure widened from 6.9 per cent to 7.7 per cent.[1]
Underwater activities generated 531 million euros in revenue and 93 million euros in earnings. Shipbuilding revenue fell 6.7 per cent to 4.556 billion euros, but its earnings increased 5.9 per cent to 335 million euros. The group delivered 19 vessels from 10 shipyards during the period.[1]
Management raised its full-year earnings target to 715–725 million euros. Firm backlog stood at 44.708 billion euros, with signed contracts worth 12.3 billion euros excluded because they had not yet become effective. Adjusted net debt fell to 730 million euros from 1.311 billion euros at year-end. Excluding the capital increase, debt was 1.208 billion euros.[1]
