(Alliance News) - Leonardo Spa reported Thursday that it closed the first nine months with orders of EUR13.28 billion, up 15 percent from EUR11.72 billion in the same period last year.

Revenues increased to EUR10.27 billion from EUR9.92 billion a year earlier, thanks in part to a significant recovery in Aerostructures, up 32 percent from the first nine months of 2022, and the performance of Electronics for Defense and Security.

Revenue growth is accompanied by a 4.0% growth in EBITDA to EUR644 million from EUR619 million a year earlier.

Net income is EUR301 million from EUR662 million in the comparison period and includes, in addition to ordinary net income, the EUR11 gain related to the sale of the ATM business by Selex ES, Llc. The figure for the comparison period, on the other hand, reflected the gain realized in connection with the divestitures of Leonardo DRS's Global Enterprise Solutions and Advanced Acoustic Concepts business, amounting to EUR275 million.

Group net debt amounted to EUR3.81 billion and was significantly reduced by about EUR500 million compared to September 2022, thanks to the strengthening of the group's cash generation. Compared to December 31, 2022 - when it was EUR3.02 billion - the figure increased due mainly to the aforementioned usual FOCF trend, as well as the payment of the dividend in July in the amount of EUR83 million, and the signing of new leasing contracts in the period in the amount of EUR87 million.

For year-end, the company confirmed guidance of orders falling to around EUR17 billion from EUR17.3 billion in 2022; revenues of EUR15-15.6 billion from EUR14.7 billion a year earlier; Ebitda of EUR1.26-1.31 billion from EUR1.22 billion; free cash flow of EUR600 million from EUR539 million; and net debt of EUR2.6 billion from EUR3.0 billion.

Leonardo's stock closed Thursday up 0.2 percent to EUR14.21 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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