Leonardo's (FINMF) CEO Alessandro Profumo on Q2 2020 Results - Earnings Call Transcript
published 01.08.2020 13:10
Excluding any further lockdown or COVID-19 resurgence, we expect to achieve substantially flat revenues in full year and to reduce the impact on our profitability due to the two delays in civil deliveries, to then program execution and lower productivity because of the cost of actions that we have taken.
Notable wins in material military programs like NEES and AW169, like the so-called Light Utility Helicopter in Italy and also IMOS, Integrated Merlin Operational Support, and the scanned radar development in the UK.
And while in helicopters, we can leverage on the military/governmental side of the business, 86% of [indiscernible] In Aerostructure, we believe highly prevalent exposure to commercial aircraft, we expect a decline in production rates well beyond 2020.
We have successfully been working with domestic customers to accelerate activities, and you can see it in the new order recently signed in Italy for the Italian Army’s new helicopter and in the UK with the E-Scan Radar [indiscernible] and we are grateful for their support.
We have remained resilient in the face of extreme market conditions with a strong commercial performance in the first half.