Sparks at the Milan Stock Exchange for the Finmeccanica share, which at the end of the morning gained more than five percentage points, to 7,405 euros, achieving the best increase of the Ftse Mib.
The buying wave was triggered by the announcement of an upward revision of the guidance for the current year, in the light of the improving results of the quarter.
In detail, Finmeccanica announced that the results obtained in the first nine months of 2014 and the expectations for the last quarter lead us to believe that the group will record orders, revenues and EBITA in 2014 (despite the losses recorded by DRS) higher than forecasts made when preparing the 2013 financial statements.
Revenues are now expected between 13,5 and 14 billion (from 13-13,5 billion the previous estimate), orders between 13,5 and 14 billion (from 13-13,5), EBITDA between 980 and 1.030 million (from 930-980). The group's net loss in the first nine months decreased to 24 million from -136 million in the same period of 2013.
Furthermore, in the third quarter, the group recorded a net profit of 15 million against a loss of 74 million in the same quarter of 2013. Revenues in the nine months increased slightly by 1,4% to 9,87 billion, orders they grew by 15,3% to 9,35 billion, while EBITA fell to 578 million from 665 million in the same period of 2013, "in line with forecasts", concludes Finmeccanica.
Finally, in the conference call with analysts, CEO Mauro Moretti promised further cost cuts next year. For the sale of the Transport sector, the manager indicated the deadline of November 17 for the presentation of offers. “We will decide within the year”, he concluded.
