Fincantieri Profits Triple Despite Stagnant Revenue

The Trieste-based group achieved an EBITDA of 350 million euros, yielding a 7.6% margin. This profitability shift stems largely from the shipbuilding division, where margins expanded to 7.5% from 6.5% a year ago. The company's specialized underwater operations also provided a boost, contributing 60 million euros to the EBITDA total, up from 47 million euros previously.

While profitability climbed, the company’s revenue growth remained essentially flat at 4.58 billion euros. A 5.9% dip in shipbuilding revenue was countered by a 30% jump in underwater operations and a 22% increase in offshore vessel sales. However, the order book presents a potential challenge for future cycles: total new orders plummeted to 6.12 billion euros from 14.74 billion euros, driven by a steep contraction in shipbuilding contracts.

Despite the cooling order flow, Fincantieri maintains its fiscal guidance for the full year. The group anticipates revenue between 9.3 billion and 9.4 billion euros, with a target net profit ranging from 140 million to 180 million euros.