Italian shipbuilder Fincantieri turns to profit in 2024

(Reuters) -Italian shipbuilder Fincantieri returned to a net profit of 27 million euros ($29.22 million) and beat market expectations for its core earnings in 2024, it said on Monday.

The return to profit came a year earlier than the group had projected in its industrial plan and follows a loss of 53 million euros in 2023.

"2024 has been a remarkable year for Fincantieri, in which we have begun to reap the first results of our strategy and industrial vision. The return to profitability ... is a clear evidence of this," CEO Pierroberto Folgiero said in a statement.

Fincantieri also reported annual earnings before interest, taxes, depreciation and amortisation of 509 million euros for 2024, ahead of analysts' estimate of 500 million euros in a company-provided consensus.

The Trieste-based vessel maker expects its EBITDA margin to rise to more than 7% in 2025 on estimated annual revenue of around 9 billion euros. Its margin was 6.3% last year.

It also expects to maintain a positive net result.

The 2025 outlook includes the consolidation of offshore engineering group Remazel and the newly established WASS Submarine Systems, the company said.

($1 = 0.9240 euros)

(Reporting by Michela Stasio in Gdansk, editing by Milla Nissi)