Fimeccanica / Guarguaglini: 2009 results exceed expectations
Data even more positive when compared to world stage
* orders over 22 billion euros in both 2010 and 2011
* recovery in civil helicopter market by 2012
* Ansaldo Energia fate within next two months
* Shares up 1.2 percent
In 2009, Finmeccanica’s performance was “above expectations and show growth in all parameters.” The company’s chairman and CEO, Pier Francesco Guarguaglini said commenting on the data for 2009 approved today by the Board.
The data – said Guarguaglini – are even more positive when compared with the global scenario in which the Group had to work and confirm the validity of our development strategy that has focused on expansion into new markets, creation third home market in the United States and the consolidation of the three strategic pillars of Finmeccanica, helicopters, aircraft and defense electronics and security. ”
“In 2010 – he added – while an uncertain global environment still in stabilizing and maintaining a realistic approach to the market, we believe we can achieve satisfactory results”.
He said it would keep cutting costs and focus on emerging markets as it battles an economic slowdown that has hit its helicopter and space units.
The company said it expected orders to rise to more than 22 billion euros ($30 billion) both this year and next, with orders from outside its top U.S., British and Italian markets accounting for a bigger share of the total than previously.
Finmeccanica, which on Thursday posted a 16 percent rise in 2009 net profit and confirmed 2010 targets, said it had already notched up orders worth 2.7 billion euros so far this year. It reported orders of 21.1 billion euros in 2009.
Finmeccanica, which makes helicopters and electronic warfare systems and assembles civil and military jets, said in a presentation to analysts it expected a recovery in the civil helicopter market by 2012, with orders stable in 2010-2011.
It said it expected a temporary slowdown in its space unit, where revenues fell 9 percent in 2009, to be offset by restructurning and cost cuts.
It plans to decide within the next month or two whether to spin off its Ansaldo Energia unit in an initial public offering or find an industrial partner
The company, which issued a profit warning in January on its 2010 earnings outlook, reported 2009 net income of 718 million euros, above a Thomson Reuters I/B/E/S estimate of 688 million.
Revenues also topped forecasts to rise 21 percent to 18.2 billion euros and it said it would maintain its dividend at the same level.
Source AGI and Reporting by Deepa Babington; Editing by Dan Lalor