Q3 2024 Fincantieri SpA Earnings Call Transcript
Key Points
- Fincantieri SpA (FNCNF) reported a solid top-line growth with revenues up 3.7% year-on-year, reaching EUR 5.6 billion.
- EBITDA increased by 19% compared to the first nine months of 2023, reaching EUR 328 million, indicating successful efficiency initiatives.
- The company has a robust backlog of EUR 26.4 billion, with a total backlog including the soft backlog reaching EUR 40.1 billion.
- Order intake more than doubled compared to the first nine months of 2023, reaching EUR 8.5 billion, showcasing strong commercial performance.
- Fincantieri SpA (FNCNF) has a strong market position in the cruise sector, with a market share of over 40% and a significant pipeline of new orders.
- The net financial position remains negative at EUR 2.44 billion, despite improvements compared to the same period in 2023.
- Shipbuilding revenues were marginally down, although this is consistent with the production and delivery schedule.
- The leverage ratio is expected to be between 4.5 and 5 times, indicating a high level of debt relative to EBITDA.
- The company is still affected by the residual strategy to support ship owners during the COVID-19 pandemic, impacting net debt.
- There are constraints in shipbuilding capacity, which could limit the ability to capitalize on market opportunities.
Good afternoon. This is the chorus call conference operator. Welcome and thank you for joining the Fincantieri nine month 2024 results conference call. (Operator Instructions) At this time, I would like to turn the conference over to Mr Folger, Chief Executive Officer and managing director. Please go ahead sir.
Good afternoon. Ladies and gentlemen, welcome to fincantieri's nine month 2024 financial results conference call.
We are very satisfied with the result achieved both from a commercial and financial standpoint. We recorded a solid top line growth with revenues up 3.7% year on year reaching 5.6 billion. EUR thanks to the virtuous path pursued by Fincantieri over the last couple of years, we have been able to deliver a significant increase in profitability with a margin at 5.9% materially higher than the 5.1% reported in the first nine months of 2023 and 5.2% at the end of 2023 with improvements in all our segments. A beda in absolute terms rose by 19% compared to
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