Italian state-owned shipbuilder Fincantieri returned to a net profit of 27 million euros ($29 million) and beat market expectations for its core earnings in 2024, it said on Monday.
The return to profit came a year earlier than the group had projected in its industrial plan and follows a loss of 53 million euros in 2023.
"2024 has been a remarkable year for Fincantieri, in which we have begun to reap the first results of our strategy and industrial vision. The return to profitability ... is a clear evidence of this," CEO Pierroberto Folgiero said in a statement.
Fincantieri also reported annual earnings before interest, taxes, depreciation and amortisation of 509 million euros for 2024, ahead of analysts' estimate of 500 million euros in a company-provided consensus.
The Trieste-based vessel maker expects its EBITDA margin to rise to more than seven per cent in 2025 on estimated annual revenue of around nine billion euros. Its margin was 6.3 per cent last year.
It also expects to maintain a positive net result.
The 2025 outlook includes the consolidation of offshore engineering group Remazel and the newly established WASS Submarine Systems, the company said.
(Reporting by Michela Stasio in Gdansk, editing by Milla Nissi)