Finmeccanica, a large European industrial group, has seen its aerospace business falter and come to a halt as of late, as it has again reported weak end-of-quarter performance results. For the first nine months of 2014, the company has been stagnant at $10.49 billion in sales while profits are falling to 539 million euros due to drops in the bottom line in almost every sector it is involved in. While revenues from both civil and military Alenia aircraft and structures businesses have gained 16.5%, the profit has declined by 8.1%.
The bottom line decrease can be attributed to a number of factors, one of which would be the increased competition. The one bright spot for the company would be AgustaWestland helicopters
, which enjoyed a 1.3% increase in net sales with a 37% increase in new orders.The Finmeccanica CEO is attempting to restructure the aerospace business, particularly the defense and security electronics division, which has been suffering the most due to budget cuts in defense programs around the world.
Outside of aerospace, the company’s rail transport business has enjoyed improved performance, which has had its fair share of troubles in the past as well. As the leading industrial group in the technology sector in Italy, Finmeccanica is a major international supplier
when it comes to aerospace, defense, and security. The seven sectors in which the company operates are as follows: aeronautics, helicopters, space, electronics, defense systems, transportation, and construction. The company, which is 30% owned by the Italian government, generates an estimated 16 billion euros in annual revenue. Despite recent setbacks, the company has made significant strides since its inception in 1948. It now employs almost 64,000 people in 100 different countries.
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