Leonardo : Excellent start to the year – next stop 2023 for a clearer idea of the effects of higher defence spending
>Q1 EBITA 12.8% ahead of expectations - Leonardo posted a solid set of Q1 figures yesterday evening, with EBITA of € 132m (+38.9%), 12.8% ahead of consensus expectations (ODDO BHF: € 116m, cons: € 117m) for sales of € 3.006bn, or a margin of 4.4% (+100bp despite the pass through). Net income also beat expectations at € 74m, thanks to low interest expense although this does not reflect full-year expectations. Relative to our forecasts, the beat was driven mainly by the...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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