Leonardo - Finmeccanica : A disappointment to place in perspective
>A disappointing Q3 penalised by APR and the surge in central costs - Leonardo yesterday evening reported a disappointing Q3 with EBITA 17% below the consensus at € 162m on the back of sales growth of 3.9% to € 2,651m (i.e. a margin of 6.1%, -267bp). This poor performance is mainly due to i/ the sharp decline in APR's contribution (the contribution from the entire joint venture fell by € 17m vs Q3 2017) due to an unfavourable forex effect following a change in purchas...Leonardo is the holding company for The Finmeccanica Group, and is responsible for guiding and controlling industrial and strategic operations, coordinates its subsidiaries. The Finmeccanica Group operates in the Aerospace and Defence sector, which includes the Helicopters, Defence and Security Electronics, Aeronautics, Space and Defence Systems segments; and in the Transportation sector, which also includes Fata S.p.a., in addition to the companies operating in the transportation sector.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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