Driven by its defense and helicopter sectors, Leonardo posted solid order gains in the first half of 2019. New orders for the period amounted to $6.8 billion (€6.145 billion), an increase of 34 percent from the year-ago period, while backlog increased 11.4 percent to $40.2 billion (€36.321 billion).
Revenues increased by 7 percent to $6.6 billion (€5.962 billion), while EBIT (earnings before interest and taxes) surged by 92.5 percent to $511.5 million (€462 million). Net income more than tripled to $386.4 million (€349 million). Group net debt also increased to $4.54 billion (€4.098 billion), compared with $3.84 billion (€3.474 billion) from the first half of 2018.
The company said its debt position “reflected the usual cash flow seasonality in the first part of the year, as well as the recognition of financial liabilities arising from the adoption of international financial reporting standard (IFRS) 16, which covers the valuation of leases, and the effects arising from the acquisition of Vitrociset, a defense electronics manufacturer." Leonardo CEO Alessandro Profumo said the first-half results are “in line with expectations and we have achieved a strong commercial performance in both domestic and international markets."