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Saipem posts higher Q3 net income despite lower revenue

Saipem SpA reported Oct. 24 an adjusted net income of €31.0 million during the third quarter, up from €11.0 million a year ago.

Revenue totaled €2.23 billion in the third quarter, down from €2.26 billion in the prior-year period.

Adjusted EBITDA reached €293.0 million for the quarter, topping €277.0 million a year earlier.

The company spent €94.0 million for capital expenditures during the quarter, up from €52.0 million in the prior-year period.

For the first nine months, adjusted net profit amounted to €91.0 million, jumping from €17.0 million a year ago.

Year-to-date revenue totaled €6.75 billion for the first nine months, up from €6.06 billion in the prior-year period.

Total spending for the first nine months decreased to €229.0 million from €365.0 million a year ago.

New contracts climbed to €13.94 billion for the first nine months, up from €6.12 billion in the same period a year earlier.

For the first nine months, the company backlog amounted to €19.81 billion, surpassing €12.62 billion at Dec. 31, 2018.