Italian naval manufacturer, Fincantieri, has released its Q3 financial results which the company’s CEO, Pierroberto Folgiero, indicates a “positive progression” toward achieving its 2027 goals.
The European prime announced a 60% yearly increase in its nine-month core earnings, which came in at €276m ($299.6m), registering an improved margin of 5.1% compared to its nine-month results last year.
Among its 2023 activity, the company secured: the third submarine of the U212NFS (Near Future Submarine) programme for the Italian Navy; 3 Offshore Patrol Vessels, plus 3 additional units under option, for the Italian Navy assigned to the joint venture with Leonardo, Orizzonte Sistemi Navali; and the mid-life upgrade of the Italian and French Horizon-class frigates, awarded to Naviris, the 50/50 owned joint venture by Fincantieri, Naval Group and eurosam, a JV by MBDA and Thales.
“The production performance was particularly satisfactory: thanks to the expertise and the commitment of our people, we delivered 17 ships from 10 shipyards,” Folgiero added.
Marginal growth despite European filings slump
“The underwater domain is becoming increasingly important due to the presence of critical infrastructure, resources and assets,” the company confirmed. “This, in combination with defence budgets that have been revised upward, is opening up new potential opportunities for Fincantieri.”
However, despite this factor GlobalData intelligence tells us that the broader European defence market is on track for a slight fall in company filing mentions.
In 2021, the market reached a height of 12,388 mentions; in 2022, it registered a slight fall of 12,108; whereas now, at the Q3 mark for 2023, the market has currently reached half this sentiment at 6,606 mentions in a nine-month period as we begin to enter the final quarter for this year.
This drags further behind the United States, which accounts for 9,642 mentions right now. Despite its historical lead, the country’s sentiment has also dropped from last year’s 15,599 mentions.
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