Shipbuilding Sector Pushes Fincantieri’s Earnings Up
Italian shipbuilder Fincantieri witnessed a full recovery in operational and economic performance with a surge in net income and revenues during 2017.
The company reported record high revenues which exceeded EUR 5 billion, representing a 13% improvement compared to EUR 4.4 billion reported in 2016.
The change was mainly driven by the shipbuilding segment, which recorded an increase of 27% in revenues in both the cruise ship business, accounting for 49% of the group’s total revenues for the year, and the naval vessel business which grew by 5% compared to 2016.
Fincantieri’s profit for the period surged to EUR 53 million, compared to EUR 14 million reported in the twelve-month period ended December 31, 2016. The company said that the 2017 results confirm the group’s ability to grow consistently with the guidelines indicated by management.
“The results we have presented confirm the state of good health of our company, that can boast unchallenged leadership position in several areas, obtained thanks to our capabilities and our diversified presence in the global arena,” Giuseppe Bono, Fincantieri’s Chief Executive Officer, said.
“We have demonstrated our capacity to deal with truly complex projects and tenders. This level of excellence translates into a more than decade long work load ahead of us, in the unfailing ability to transform soft backlog into firm orders, all the while respecting project times and deadlines of ever more demanding clients,” Bono added.
At December 31, 2017, the group recorded EUR 8.55 billion in new orders, compared to EUR 6.5 billion in 2016.
Before consolidation adjustments, the shipbuilding segment accounted for 88% of the period’s total order intake, the offshore segment for 10% and the equipment, systems and services segment for 7%.