Profit is not enough. The Finmeccanica stock collapses on the stock market, which at mid-morning is the worst on the Ftse Mib, in the red by almost five points. The result comes immediately after the announcement of the results for the first quarter. The group recorded an increase in profit to 25 million euros, up from 7 in the same period last year. L'Ebit however worsened to 142 million, from 181 in the first quarter of 2011, e Adjusted EBIT decreased by 20%, at 173 million. Also financial debt increased to 4,5 billion, compared to 3,4 in 2011 (+23%), mainly due to the negative performance of the Fofc. Revenues also worsened, falling to 3,686 billion euros from 3,855 in 2011, below analysts' estimates, which expected 3,706 billion.
For the Italian defense giant Orders also decreased, standing at 3,48 billion, 336 million less than in the same period of 2011 (-9%). Yet, a note from the group highlights, orders in the Aerospace and Defense sector have increased. The sectors that recorded the greatest contraction were Energy and Transport. On the order book, down to 45,7 billion euros compared to 46 at the end of 2011, the appreciation of the euro against the dollar weighed heavily, negatively influencing the conversion of the portfolio into foreign currency.
The growth in net profit is therefore "attributable to the reduction in both net financial charges (28 million) and taxes (29 million), which more than compensated for the worsening of the Ebit (39 million)”, explains a note from the Group. For 2012, Finmeccanica confirms its forecasts with revenues between 16,9 and 17,3 billion euros and an adjusted EBITA of approximately 1,1 billion.
The President and CEO of the Group, Giuseppe Orsi, commented on the results, underlining the "economic context characterized by the persistence of notable difficulties and a marked level of uncertainty". But for Finmeccanica "2012, however, remains a year of delicate transition as part of a challenging relaunch process and of no short duration."
