Leonardo, profit down in 2023; 2024 guidance approved -March 12, 2024 at 03:18 am EDT

(Alliance News) - Leonardo Spa on Tuesday reported that it closed 2023 with net income at EUR695 million from EUR932 million as of Dec. 31, 2022.

The company also confirmed previously reported revenue and Ebitda figures. Revenues were EUR15.30 billion, up 3.9 percent from EUR14.71 billion as of December 31, 2022, and in line with guidance.

Order backlog amounted to EUR39.53 billion from EUR37.51 billion as of December 31, 2022.

Ebitda in the period stood at EUR1.88 billion from EUR1.76 billion in 2022, also in line with guidance.

Free Operating Cash Flow was EUR635 million, up 18 percent on 2022, when it was EUR539 million, above guidance, due to Top-Line growth and disciplined cost and investment policy.

Group net debt is reduced, with a 23 percent improvement over 2022, and stands at EUR2.32 billion, down 23 percent from EUR3.02 billion in 2022.

Looking ahead, "the expected performance in 2024 confirms the sustainable growth path accompanied by increased profitability and cash generation, in a context of high demand for defense and security," as the company explained in a note.

For 2024, Leonardo expects growth in new orders of about EUR19.5 billion, driven mainly by the defense and security electronics sector and the recovery of the aeronautics sector.

Revenues are forecast at about EUR16.8 billion, while Ebitda is expected at about EUR1.44 billion.

Free Operating Cash Flow is expected at about EUR770 million, while group net debt is expected at EUR2.0 billion.

Leonardo, on Monday, closed

By Claudia Cavaliere, Alliance News reporter

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