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Italy's Leonardo beats orders guidance, maintains dividend

Reuters
Updated ·2-min read
Illustration shows Leonardo logo

ROME (Reuters) -Italy's state-controlled defence and aerospace group Leonardo on Thursday beat its guidance on new orders as it posted full-year results for 2022 and announced an unchanged dividend of 0.14 euros per share.

Leonardo said new orders rose by 21% year-on-year to 17.266 billion euros ($18.26 billion) last year, beating a guidance of more than 16 billion euros.

Earnings before interest, taxes and amortisation (EBITA) were up 9.3% to 1.218 billion euros, while revenues rose 4.7% to 14.71 billion euros.

The EBITA figure was at the top end of the range of company forecasts of 1.17-1.22 billion euros, while revenues were within the guidance range of 14.4-15 billion euros.

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"We met or exceeded all our key targets once again, we have structurally and strongly increased our cash generation, with a (free operating cash flow) FOCF of 539 million euros in 2022, more than doubling 2021," CEO Alessandro Profumo said in a statement.

For 2023, Leonardo gave guidance for new orders of around 17 billion euros, revenues of 15-15.6 billion euros and EBITA of 1.26-1.31 billion euros.

'CHANGE OF MINDSET'

Profumo hailed a reduction in debt "thanks to higher cash generation" and the sale of some assets by its U.S. subsidiary Leonardo DRS.

Group net debt stood at 3.016 billion euros at the end of last year, down 3.4% from end-2021.

Leonardo also reported a reduced cash absorption for its loss-making aerostructures division (296 million euros vs 339 million euros in 2021), and said it aimed for breakeven in 2025.

Russia's war on Ukraine has increased demand for military supplies from NATO members, likely benefiting companies including Leonardo.

Last month, CEO Profumo said the "change of mindset" in Europe on the need for higher military spending was "incredibly important".

Leonardo's shares on the Milan stock exchange have risen by almost 33% since the start of the year. On Thursday they closed down by 0.37% to 10.72 euros.

($1 = 0.9457 euros)

(Reporting by Alvise Armellini, editing by Federico Maccioni and Keith Weir)