Leonardo achieved a net profit of 2017 million in the first nine months of 272, down 23% compared to 353 million in the same period of 2016. Revenues amounted to 7,984 billion (-0,6%), the EBITDA 703 million (-5,8%), orders at around 8 billion, with organic growth of 5% (33,9 billion order backlog). Free Operating Cash Flow was negative by 972 million, "in line with the Group's usual tendency to record significant cash absorption in the first quarters, worsening compared to 2016 which benefited to a greater extent from the contribution of the EFA Kuwait contract". The Group's net debt tends to be in line with that recorded as at 30 September 2016 (+3%).
“The performance of the first nine months of the year is in line with expectations for the Aeronautics and for Electronics, Defense and Security Systems; however, some critical issues have emerged in the Helicopters sector for which we have already undertaken a series of actions. 2017 will be a more difficult year than expected but I trust in the strengths of the three main businesses of the Group and I am confident in the growth prospects in the medium-long term". So Alessandro Profumo, CEO of Leonardo commented on the results of the first nine months. The company has decided to review the 2017 guidance for ebitda (from 1,25-1,3 billion to 1,05-1,1 billion) and revenues (from around 12 billion to 11,5-12 billion).
