As Europe steps up its military spending after Russia's invasion of Ukraine, Italian shipbuilder Fincantieri (FCT.MI) expects to expand its defence bu
As Europe steps up its military spending after Russia’s invasion of Ukraine, Italian shipbuilder Fincantieri (FCT.MI) expects to expand its defence business, but sees M&A activity halted for now, its top executives said on Thursday.
Speaking at an analysts call on 2021 results, Fincantieri CFO Giuseppe Dado said that the group’s naval division was poised to grow in the short term thanks to the backlog of orders already secured.
Fincantieri did not give specific guidance on 2022 results citing the uncertainty stemming from both geo-political tensions and raw materials and energy prices inflation.
Last year Fincantieri made a non-binding offer to buy Leonardo’s (LDOF.MI) OTO Melara and Wass units, which make cannons and torpedoes.
At the same time, the shipbuilder has also considered buying Thyssenkrupp’s (TKAG.DE) submarine business in partnership with Germany’s Rheinmetall (RHMG.DE), sources had told Reuters.
On Wednesday, Fincantieri said it had swung to profit of 22 million euros last year after booking a 245 million euros loss in 2020.
Excluding uncertainties connected to the conflict between Russia and Ukraine, as well as health concerns, the group said in a statement it could return to a “sustainable dividend distribution starting from 2022”.
Fonte: Returnes.com
