Leonardo sees earnings up 5-6% 2018-2022 (3)

Shares tumble on business plan

(ANSA) - Rome, January 30 - Aerospace giant Leonardo said Tuesday it saw average yearly earnings rising 5-6% over the five-year (RPT five-year) period from 2018 to 2022.
    It said orders would rise above an average yearly 6%.
    CEO Alessandro Profumo said the group was aiming for "sustainable development" and had framed a "new commercial strategy for growth".
    Leonardo confirmed its 2017 guidance after a warning in November.
    It said earnings, EBITDA and free operating cash flow would be in the bottom range of the guidance as revised in November. The company's stock fell 7% in Milan on 2017 profit estimates and the new business plan, before being suspended for excessive losses.
    Profumo said "we will convince the bourse with our results".
    He said "the fact that we gave lower than expected guidance meant the market reaction was only to be expected".
    Leonardo was formerly known as Finmeccanica.
    photo: Profumo