Finmeccanica confirms FY targets after Q2 net loss

MILAN, July 31 Wed Jul 31, 2013 1:21pm EDT

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MILAN, July 31 (Reuters) - Finmeccanica reaffirmed on Wednesday its 2013 targets after posting a second-quarter net loss of 69 million euros ($92 million) due to a provision on a Belgium train order and higher costs to restructure its defence electronics unit Selex ES.

In a statement the debt-laden Italian aerospace and defence contractor confirmed 2013 targets for revenues of 16.7-17 billion euros, EBITA of around 1.1 billion euros and free operating cash flow of around 100 million euros.

In the second quarter of 2012 the company booked a net profit of 42 million euros.

Free operating cash flow was positive for 40 million euros in the quarter, compared to a negative result of 70 million euros a year earlier, while net debt rose to 4.929 billion euros. Orders dropped to 3.2 billion euros in the quarter.

Finmeccanica also said restructuring was progressing well at its aeronautics and defence electronic units but not at its loss-making AnsaldoBreda train subsidiary, which was hit by extra costs on some projects. ($1 = 0.7531 euros) (Reporting by Danilo Masoni; Editing by Agnieszka Flak)

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