In This Article:
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New Orders: EUR20.9 billion, up 12.2% from the previous year.
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Order Backlog: Exceeds EUR44 billion.
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Revenue: EUR17.8 billion, an increase of over 11% from the previous year.
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EBITA: EUR1.52 billion, up 12.9% from EUR1.35 billion in 2023.
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Return on Sales: Increased by 0.1 percentage point to 8.6%.
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Free Operating Cash Flow: EUR826 million, up 26.7% from the guidance of EUR770 million.
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Net Debt: Reduced to EUR1.8 billion from EUR2.3 billion, a reduction of approximately 22.7%.
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Efficiency Savings: EUR191 million, exceeding the target of EUR150 million.
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Helicopters Revenue: EUR5.2 billion, up 11%.
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Defense Electronics Revenue: EUR4.8 billion, up 9.4%.
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DRS Revenue: $3.2 billion, up 14%.
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Cyber and Security Solutions Revenue: EUR648 million, up 9%.
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Aircraft Revenue: EUR2.9 billion, stable compared to the previous year.
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Aerostructures Revenue: EUR746 million, higher than the previous year.
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Space Revenue: EUR906 million, with a growth of about 30%.
Release Date: February 20, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Leonardo SpA (FINMF) reported a significant increase in new orders, reaching EUR20.9 billion, a 12.2% increase from the previous year.
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The company achieved a substantial revenue growth of 11%, increasing from EUR16 billion to EUR17.8 billion.
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EBITA increased by 12.9% to EUR1.52 billion, indicating improved operational efficiency.
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Free operating cash flow rose by 26.7% to EUR826 million, surpassing the guidance of EUR770 million.
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Net debt was reduced by approximately 22.7%, from EUR2.3 billion to EUR1.8 billion, demonstrating strong financial management.
Negative Points
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The Aerostructures division continues to face challenges due to the Boeing crisis, impacting profitability.
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The SatCom business, connected to the space alliance with Thales, also experienced difficulties, affecting overall performance.
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Despite improvements, the delivery rate for the B787 fuselage remains lower than expected, affecting the Aerostructures division.
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The Space division's performance was impacted by challenges in the telco satellite segment, leading to lower EBITA.
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The company faces ongoing external challenges in the B787 program and the Space telco segment, which could affect future performance.
Q & A Highlights
Q: Can you provide more details on the ongoing negotiations regarding Aerostructures? Are you considering multiple partners to diversify from the 787 program? A: Roberto Cingolani, CEO: We have identified a potential co-investor involved in aerospace and defense, and negotiations are ongoing. I cannot disclose more details at this moment, but we are committed to finding a solution soon. Regarding the 787, we have received a new delivery schedule from Boeing, but the delivery rate is currently lower than expected.