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Fincantieri Q1 core profit rises on growing demand

Reuters
·1-min read
FILE PHOTO: Shipbuilder of Fincantieri works over a cruise ship under construction at Monfalcone shipyard near Trieste at Monfalcone shipyard near Trieste

(Reuters) - Fincantieri reported a 16% rise in first-quarter core profit to 100 million euros ($108 million) as demand accelerated in all businesses, the Italian shipbuilder said on Tuesday.

The group, which last week bought Leonardo's Underwater Armament Systems (UAS) in a 415-million-euro ($447.95 million) deal, said its net financial debt stood at 2.41 billion euros at end-March, down 17% from a year earlier.

Its order backlog grew by 12.9% to 39.3 billion euros with visibility up to 2030.

Fincantieri confirmed its guidance for 2024, which includes revenues of about 8 billion euros and a core profit (EBITDA) margin of around 6%.

($1 = 0.9265 euros)

(Reporting by Alessandro Parodi in Gdansk; editing by Jason Neely)