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Finmeccanica Q3 earns triple on cost cuts
Thursday - 11/8/2012, 1:43pm EST
MILAN (AP) - Finmeccanica, the Italian aerospace and defense giant, tripled earnings in the third quarter due to cost-cutting, improved margins and better sales of products like helicopters.
The company, which is 30-percent owned by the government, on Thursday reported net profit of (EURO)75 million ($95 million) in the quarter ended Sept. 30. It made (EURO)25 billion last year, excluding a one-time 2011 writedown of (EURO)753 million related to faulty components it supplied for Boeing Co.'s 787 airliner.
Revenues for the quarter rose 8 percent to (EURO)4.1 billion from (EURO)3.8 billion in the same period last year.
CEO Giuseppe Orsi said the results indicated progress from the restructuring plan undertaken last year.
The company, meanwhile, remains at the center of a growing corruption probe.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)