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Leonardo sees higher losses in aerostructures unit this year, sticks to guidance

Mar 10, 2021

Milan (Reuters) – Italy’s Leonardo aerostructures division will record higher losses this year than in 2020 but the defence conglomerate will stick to its 2021 guidance, executives at the defence group said on Wednesday.

The state-controlled group on Tuesday reported earnings before interest, tax and amortization down by a quarter last year as the COVID-19 pandemic wrecked its civil aviation sales.

General Manager Lucio Valerio Cioffi said the objective to reach a break-even in the aerostructures business this year was not achievable and that a detailed plan for the division would be drawn up later this year.

(Reporting by Francesca Landini, writing by Giulia Segreti)