Leonardo reports higher orders and improved profitability in first quarter of 2017

For the first quarter of 2017 (1Q2017) Leonardo reported that new orders amounted to €2,647m, 3% higher than in the first quarter of 2016 (1Q2016). The book-to-bill ratio reached 1.1 compared to 1 of the same period of 2016. The order backlog amounted to €34,832m (+25% vs. March 2016). This is increasingly solid as it is built on a more rigorous selection of orders. The backlog ensures almost 3 years of equivalent production. Revenues amounted to €2,476m -2,4% vs. 1Q2016, mainly because of lower volumes in Helicopters, and some negative GBP/€ forex effects.
EBITDA amounted to €330m, +1.2% compared to €326m of 1Q2016. Also the EBITDA margin was higher at 13.3% compared to 12.9% of 1Q2016.
EBITA amounted to €187m, 14% higher than the €164m of 1Q2016, mainly supported by Aeronautics and Electronics, which more than offset lower Helicopters. RoS was at 7.6%, 110 bp higher than the 6.5% of 1Q2016, mainly thanks to Electronics.
EBIT amounted to €155m, 15.7% higher than the €134m of 1Q2016. Also the EBIT margin, at 6.3%, increased by 100 bp compared to 5.3% of 1Q2016.
Net Result before extraordinary transactions amounted to €78m, 39.3% higher than the €56m of 1Q2016 thanks to improved EBIT. Net Result amounted to €78m, in absence of extraordinary transactions, 21.9% higher than the €64m of 1Q2016, which benefitted from the capital gain on the disposal of FATA.