Leonardo stock
Leonardo Diaras
+1.6%
Base:4,571
opening:4,571
High:4,656
low:4,550
change:3,156,216
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Entered the local stock exchange following the acquisition of the Israeli defense industries company Rada by Dov Sela in a stock transaction. The company won contracts from the US Navy to “provide the electricity integrated with propulsion components” for the army’s new submarines in the amount of more than a billion dollars.
Leonardo’s order backlog at the end of the year was 4.29 billion dollars, and now it has increased by 24-25%, certainly a significant announcement for the company.
According to Leonardo, the new submarines (of the Columbia type) are a top priority program for the US Navy and will replace the fleet of ballistic missile submarines of the ‘Ohio’ type. The integrated electric drive components will be produced in the company’s facilities.
Leonardo DRS CEO Bill Linn said following the announcement: “The win represents our company’s dedication to the warfighter, developing innovative systems for critical next-generation national security platforms such as the Columbia-class ballistic submarine. We are proud to partner with General Dynamics Electric Boat and the US Navy to provide the most advanced components that are the core of this critical US Navy platform.”
Leonardo recently published the reports for 2022 which were not good and the stock reacted by falling 10%. Beyond the fact that it did not grow in the top line, the company published a low forecast. It expects revenues of 2.7-2.8 billion dollars in 2023, below the analysts’ estimates of revenues of 2.83 billion dollars (to be expanded).
In the fourth quarter of 2022, it recorded revenues of 820 million dollars, similar to the revenues in the corresponding quarter last year. In 2022 as a whole, the company brought in 2.69 billion dollars compared to revenues of 2.88 billion dollars in 2021 – a decrease of 6.5%. Market analysts expected revenues of $886.5 million in the quarter and $2.71 billion in 2022 as a whole.
Leonardo shares are traded in Tel Aviv at a price of NIS 45.7 per share and a market value of NIS 12.08 billion.
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