Salem Radio Network News Sunday, May 29, 2022

Business

Leonardo confirms guidance after rise in Q1 orders, core profits

ROME (Reuters) – Italy’s aerospace and defence group Leonardo said it confirmed its 2022 guidance after posting a rise in orders and core profits in the first three months of the year.

Orders from January to March were up 10.8% year-on-year to 3.8 billion euros and earnings before interest, taxes and amortisation (EBITA) were up by 39% in the same period to 132 million euros ($139 million).

“The first quarter of 2022 showed a good start to the year and results coherent with Leonardo’s growth path, which had already restarted in the previous financial year,” Chief Executive Alessandro Profumo said in a statement.

He added the state-controlled group was “well-positioned” in the markets where large increases in military budgets are expected.

($1 = 0.9515 euros)

(Reporting by Giulia Segreti; editing by Francesca Landini)

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