Leonardo SpA Surges Ahead in First Half of the Year
In a major boost to its financial performance, Leonardo SpA has announced a substantial increase in revenue and earnings for the first half of the year. The Italian multinational company has seen its sales rise by a notable 11.5% to reach a staggering 8.9 billion euros.
This impressive growth has not only exceeded expectations but has also prompted Leonardo to revise its forecast for order intake upwards. The company now anticipates that it will receive orders worth between 22.25 and 22.75 billion euros for the entire year, a significant increase from its previous projections.
In a strategic move to further solidify its position in the European land defense market, Leonardo has acquired Iveco’s defense business for a substantial 1.7 billion euros. This acquisition is expected to bring a range of benefits to the company, including enhanced capabilities and a stronger market presence.
The market has responded positively to Leonardo’s latest developments, with analyst Kepler Cheuvreux upgrading its recommendation for the company to “buy” with a target price of 58 euros. This endorsement is a testament to the company’s growing reputation as a leader in the defense industry.
Key Highlights:
- Revenue increase of 11.5% to 8.9 billion euros
- Revised forecast for order intake: 22.25-22.75 billion euros
- Acquisition of Iveco’s defense business for 1.7 billion euros
- Analyst Kepler Cheuvreux upgrades recommendation to “buy” with a target price of 58 euros