Story ID: 
Helicopter and Defense Divisions Boost Leonardo Earnings
By: Amy Wilder
Caption: Italian aerospace and defense group grew revenues by 16.2% last year
Word Count: 377
An uptick in helicopter deliveries contributed to €17.8 billion ($18.6 billion) in 2024 revenues for Italian aerospace and defense group Leonardo. Announcing annual results in Rome on February 20, the company said that the 16.2% growth in revenues was also supported by strong performance in its defense electrionics and security business units, with adjusted earning climbing by 12.9% last year to reach just over €1.525 million, thanks in part to supply chain improvements.
Leonardo delivered 191 helicopters in 2024, which was six more than the previous year. Revenues at its helicopter division increased by 11.1% to reach €5.3 billion, which made it the second highest contributor across the group after defense electronics and security.
New orders were 16.8% up across the group last year, with Leonardo CEO Roberto Cingolani highlighting a 6.4% increase in new rotorcraft orders. The group-wide backlog now exceeds €44 billion, which the company said represents around two and a half years of production at current capacity.
Earlier this week, the Italian government placed an order for 17 of Leonardo's new AW249 combat helicopter, building on the progress reported for that program in 2024. Cingolani also hailed the launch last year of the rotorcraft division's Performance Improvement Program, which he said is improving cooperation with partners and customer support in a way that "progressively increase the margins of our helicopters."
Leonardo acknowledged that it continues to face challenges in its aerostructures division, which makes composite fuselage sections for Boeing's 787 widebody airliner and also encompasses its ATR regional airliner joint venture with Airbus. Cingolani told reporters the company is close to firming up an agreement with a new investment partner for aerostructures, and said the identity of the new backer and terms of the deal could be announced on March 11, when Leonardo will release an update for its industrial plan.
On Thursday, Airbus CEO Guillaume Faury said the European aerospace and defense group is open to including ATR and Leonardo in its revised plans to bring a new hydrogen-powered aircraft to market in the 2040s. On February 12, ATR confirmed that it is pushing back the projected service entry for its planned Evo hybrid-electric regional airliner from 2030 to 2035. In a briefing on February 12, saying that prospective engine suppliers needed more time to develop a viable powertrain for the program.