Finmeccanica profit climbs on sale of ST Micro

LONDON (MarketWatch) — Italian defense company Finmeccanica SpA said Tuesday its net profit for the first quarter rose sharply, thanks to a non-recurring gain from the sale of part of its stake in ST Microelectronics, and reconfirmed its 2008 targets. Finmeccanica’s net profit was EUR126 million, up from EUR19 million the same time a year ago. Stripping out the one-time gain of EUR54 million for the sale of a 2.85% stake in STM, the net profit was EUR72 million. Finmeccanica said revenue rose 6% to EUR2.91 billion. Adjusted Ebitda, or earnings before interest, taxes, depreciation and amortization, were EUR133 million, up from EUR118 million the same period a year ago. The gain was due to growth in helicopter sales, defense electronics and information technology systems. Separately, the company said Monday it acquired U.S. defense group DRS Technologies for $4 billion, or $81 per share

Market Pulse Stories are Rapid-fire, short […]

Original post by Forextvblog

This entry was posted on Tuesday, May 13th, 2008 at 2:58 am and is filed under Daily Forex Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.