Fincantieri Reports a Banner Year: Record Sales and a Return to Profit

 

2024 was a year for the history books for Italian shipbuilder Fincantieri. The cruise, defense and offshore shipbuilder raked in orders worth more than $16 billion, setting a new company record. Together with deliveries of 20 new ships to customers, it was enough to return Fincantieri to the black a year ahead of expection, ending a difficult run after the challenging years of the pandemic era took a toll on cruise orderbooks. 

Fincantieri saw EBITDA margin increase markedly to six percent, and it earned a small profit of about $30 million on revenue of about $9 billion. Order intake doubled compared to 2023, thanks in part to a mega-order from Norwegian Cruise Lines for half a dozen cruise ships, and Fincantieri's total backlog now amounts to about $33 billion. Leverage is down faster than expected, and Fincantieri now has a long runway, with 98 ships on its orderbooks through 2036.

"In a geopolitical context characterized by significant discontinuities, we maintained our full focus on execution and commercial development," said CEO and General Manager Pierroberto Folgiero. "We look to the future with entrepreneurial courage, confident that this solidity will enable us to accelerate in addressing the international challenges of the naval industry, both civil and military."

Fincantieri-owned Vard, the Norwegian offshore specialist shipbuilder, contributed to the results as well. Its order intake approached $1.7 billion for the year, led by orders for eight high-spec offshore wind service operation vessels - the largest share of any yard out of the 20 SOVs ordered globally last year.