Helicopter Deliveries at Leonardo Soften but Orders Jump

Leonardo experienced a dip in first-quarter helicopter deliveries from a year ago but still saw increased revenues and earnings with more activity surrounding its dual-use AW families and from customer support, according to the Italian manufacturer.

Releasing its first-quarter results late last week, Leonardo reported 28 helicopter deliveries in the first three months, compared with 31 in the same period last year. In the quarter, the company handed over 13 AW109/AW119 models, two AW169s, 11 AW139s, and one apiece of the AW189 and NH90. A year earlier, the company had handed over three fewer AW139s but four more AW169s and one more AW189. It further had two NH90 deliveries in first-quarter 2024, while the AW109/AW119 total was unchanged.

Revenues from Leonardo’s helicopters division increased 16% to $1.259 billion, compared with $1.085 billion in first-quarter 2024. EBITA, meanwhile, was up 29.6% at the division to $70 million, compared with $54 million in the first three months of 2024.

Backlog climbed 7% from a year earlier to $16.212 billion as of March 31. Boosting backlog was a 15.6% increase in net orders, with a strengthening in the defense and government arenas. These orders totaled $2.36 billion in the quarter.

This included a contract from Weststar for AW149s, AW139s, and AW109 Trekkers for use by the Malaysian government, and contracts for helicopters and product development from the Italian Army, as well as for logistics support and maintenance services of the AW101 Merlin helicopter fleet for the UK Ministry of Defence. On the private side, GD Helicopter Finance ordered 10 AW189s for the offshore sector.