Finmeccanica Q3 earns triple on cost cuts

Finmeccanca, Italian aerospace giant targeted in corruption probe, says Q3 profit tripled

Associated Press

MILAN (AP) -- Finmeccanica, the Italian aerospace and defense giant, tripled earnings in the third quarter due to cost-cutting, improved margins and better sales of products like helicopters.

The company, which is 30-percent owned by the government, on Thursday reported net profit of €75 million ($95 million) in the quarter ended Sept. 30. It made €25 billion last year, excluding a one-time 2011 writedown of €753 million related to faulty components it supplied for Boeing Co.'s 787 airliner.

Revenues for the quarter rose 8 percent to €4.1 billion from €3.8 billion in the same period last year.

CEO Giuseppe Orsi said the results indicated progress from the restructuring plan undertaken last year.

The company, meanwhile, remains at the center of a growing corruption probe.

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