Fincantieri, the Italian shipbuilder, reported a net income of 27 million euro ($29.22m) in 2018 and beat expectations by the market for its core earnings.

The group's industrial plan had predicted a return to profitability in 2023, but it came one year sooner than expected.

Fincantieri has had a very successful year in 2024. We have seen the first fruits of our industrial and strategic vision. "The return to profitability... is a very clear proof of this," CEO Pierroberto Fogiero stated in a press release.

Fincantieri reported a profit of 509 millions euros before taxes, interest and depreciation for 2024. This was higher than the consensus estimate by analysts of 500 million euro.

Trieste's vessel manufacturer expects to see its EBITDA rise to over 7% by 2025, on an estimated revenue of 9 billion euros. Its margin last year was 6.3%.

It expects to continue achieving a positive net profit.

The company stated that the 2025 outlook included the consolidation of the offshore engineering group Remazel, and the newly formed WASS Submarine Systems. $1 = 0.9240 Euros (Reporting and editing by Milla Nissi in Gdansk)

(source: Reuters)