Fincantieri Reports Nine-Month Results

Fincantieri has reported net income of 7 million euro on revenues of 3.2 billion euro for the nine-month period ended Sept. 30, 2016, compared to a net loss of 195 million euro on revenues of 3.0 billion euro for the same period last year.

From its various business segments, Fincantieri also reported that its shipbuilding division contributed approximately 2.4 billion euro in revenue of which 1.5 billion came from cruise ships and the balance from naval vessels.

The offshore segment generated 732 million euro in revenue, and equipment, systems and services, 193 million euro.

The shipbuilding group did not break out net income from each segment, but did say that shipbuilding contributed 138 million euro EBITDA out of a total EBITDA of 185 million euro for the nine months. Offshore contributed 37 million euro and equipment, systems and services, 32 million euro, while so-called other activities had a 22 million euro negative impact on EBITDA.

The company has a total order backlog of 21.8 billion euro, covering approximately 5.2 years of work with 106 ships. Among other developments during the period, Fincantieri and the labor unions agreed on what it called incentive tools linked to individual performance and company results, which are expected to lead to greater efficiency.

In July, Fincantieri signed an agreement with China State Shipbuilding Corporation for a joint venture to “develop and sell cruise ships for the Chinese and Asian markets.” These vessels will be built in China. Subsequently, in September, Fincantieri signed a non-binding agreement with Carnival Corporation and CIC Capital Corporation for the construction of the first new cruise ships to be built in China for the Chinese market.

Fincantieri delivered five cruise ships during the first nine months of the year (and subsequently one more), and has five under construction, scheduled for delivery in 2018, four for 2019 and 2020, and has two more for delivery beyond 2020.

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