{"id":4352,"date":"2023-05-04T23:32:20","date_gmt":"2023-05-05T03:32:20","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/italys-leonardo-posts-lower-q1-profits-but-orders-rise\/"},"modified":"2023-05-04T23:32:20","modified_gmt":"2023-05-05T03:32:20","slug":"italys-leonardo-posts-lower-q1-profits-but-orders-rise","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=4352","title":{"rendered":"Italy’s Leonardo posts lower Q1 profits, but orders rise"},"content":{"rendered":"
\n
\n

\u00a9 Reuters. FILE PHOTO: Leonardo logo is seen displayed in this illustration taken, May 3, 2022. REUTERS\/Dado Ruvic\/Illustration<\/span>
\n<\/i>\n<\/div>\n

By Alvise Armellini<\/p>\n

ROME (Reuters) – Italy’s state-controlled defence and aerospace group Leonardo on Wednesday posted lower first-quarter profits and earnings, but reported a jump in orders and backlog, and confirmed financial targets for 2023.<\/p>\n

CEO Alessandro Profumo also said Germany’s Hensoldt, in which Leonardo has a 25% stake, would not be buying his company’s defence electronics business, as was suggested last month by Hensoldt CEO Thomas Mueller.<\/p>\n

Profumo said there might be a “combination” in the sector but this would be “conceptually different from an acquisition,” and he called Mueller’s comments “an unfortunate misunderstanding”.<\/p>\n

Leonardo’s Q1 profit stood at 40 million euros ($44.2 million) compared to 72 million euros 12 months earlier, while earnings before interest, taxes and amortisation (EBITA) fell year-on-year by 20.5% to 105 million euros. <\/p>\n

Revenues were broadly flat at around 3 billion euros, while new orders rose by 28.5% year-on-year to almost 4.9 billion euros “in particular thanks to the excellent performance of helicopters,” the company said in a statement.<\/p>\n

Order backlog rose in the same period by 7.9% to 39.1 billion euros, equal to more than 2.5 years of production, while net debt fell to 3.7 billion euros as of end-March, down by 1.1 billion year-on-year, thanks to stronger cash generation. <\/p>\n

Nevertheless, results were below analysts’ expectations. <\/p>\n

In a company-provided consensus forecast, they had expected a quarterly net profit of 48 million euros and EBITA of 120 million euros, but revenues were correctly predicted at around the 3-billion-euro mark. <\/p>\n

Profumo said the company remained “solid” and well positioned to capture growth opportunities at a time of rising European defence spending due to the Ukraine war. <\/p>\n

Leonardo confirmed its 2023 targets including new orders at around 17 billion euros, revenues in the 15 billion-15.6 billion euro range, EBITA at 1.26-1.31 billion euros and group net debt of about 2.6 billion euros.<\/p>\n

Profumo used the call with analysts to bid farewell after six years as CEO. He is expected to be replaced by Italian government nominee Roberto Cingolani, a former energy minister, at a shareholders’ meeting on May 9. <\/p>\n

The outgoing boss also hailed Leonardo’s ratings upgrade from Moody’s (NYSE:), one notch to investment grade, from Ba1 to Baa3, due to credible debt reduction, stable dividends policy and solid growth prospects for the defence industry as a whole.($1 = 0.9052 euros) <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: Leonardo logo is seen displayed in this illustration taken, May 3, 2022. REUTERS\/Dado Ruvic\/Illustration By Alvise Armellini ROME (Reuters) – Italy’s state-controlled defence and aerospace group Leonardo on Wednesday posted lower first-quarter profits and earnings, but reported a jump in orders and backlog, and confirmed financial targets for 2023. CEO Alessandro […]<\/p>\n","protected":false},"author":1,"featured_media":1680,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-4352","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nItaly's Leonardo posts lower Q1 profits, but orders rise | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. FILE PHOTO: Leonardo logo is seen displayed in this illustration taken, May 3, 2022. REUTERS\/Dado Ruvic\/Illustration By Alvise Armellini ROME\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=4352\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Italy's Leonardo posts lower Q1 profits, but orders rise | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"\u00a9 Reuters. FILE PHOTO: Leonardo logo is seen displayed in this illustration taken, May 3, 2022. REUTERS\/Dado Ruvic\/Illustration By Alvise Armellini ROME\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=4352\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-05T03:32:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/indicatornews_2_800x533_L_1412601599.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=4352#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=4352\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Italy’s Leonardo posts lower Q1 profits, but orders rise\",\"datePublished\":\"2023-05-05T03:32:20+00:00\",\"dateModified\":\"2023-05-05T03:32:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=4352\"},\"wordCount\":399,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=4352#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=4352\",\"url\":\"https:\/\/ifintechworld.com\/?p=4352\",\"name\":\"Italy's Leonardo posts lower Q1 profits, but orders rise | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-05-05T03:32:20+00:00\",\"dateModified\":\"2023-05-05T03:32:20+00:00\",\"description\":\"\u00a9 Reuters. FILE PHOTO: Leonardo logo is seen displayed in this illustration taken, May 3, 2022. REUTERS\/Dado Ruvic\/Illustration By Alvise Armellini ROME\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=4352#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=4352\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=4352#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Italy’s Leonardo posts lower Q1 profits, but orders rise\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Italy's Leonardo posts lower Q1 profits, but orders rise | iFintechWorld","description":"\u00a9 Reuters. FILE PHOTO: Leonardo logo is seen displayed in this illustration taken, May 3, 2022. REUTERS\/Dado Ruvic\/Illustration By Alvise Armellini ROME","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=4352","og_locale":"en_US","og_type":"article","og_title":"Italy's Leonardo posts lower Q1 profits, but orders rise | iFintechWorld","og_description":"\u00a9 Reuters. FILE PHOTO: Leonardo logo is seen displayed in this illustration taken, May 3, 2022. REUTERS\/Dado Ruvic\/Illustration By Alvise Armellini ROME","og_url":"https:\/\/ifintechworld.com\/?p=4352","og_site_name":"iFintechWorld","article_published_time":"2023-05-05T03:32:20+00:00","og_image":[{"width":800,"height":533,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/indicatornews_2_800x533_L_1412601599.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=4352#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=4352"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Italy’s Leonardo posts lower Q1 profits, but orders rise","datePublished":"2023-05-05T03:32:20+00:00","dateModified":"2023-05-05T03:32:20+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=4352"},"wordCount":399,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=4352#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=4352","url":"https:\/\/ifintechworld.com\/?p=4352","name":"Italy's Leonardo posts lower Q1 profits, but orders rise | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-05-05T03:32:20+00:00","dateModified":"2023-05-05T03:32:20+00:00","description":"\u00a9 Reuters. FILE PHOTO: Leonardo logo is seen displayed in this illustration taken, May 3, 2022. REUTERS\/Dado Ruvic\/Illustration By Alvise Armellini ROME","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=4352#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=4352"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=4352#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Italy’s Leonardo posts lower Q1 profits, but orders rise"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/4352","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4352"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/4352\/revisions"}],"predecessor-version":[{"id":4353,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/4352\/revisions\/4353"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/1680"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}