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Investing.com -- Saipem (BIT:SPMI), the Italian oilfield services company, saw its shares rise by 2% following the release of its first quarter 2025 results on April 23. The company reported a revenue of €3,518m, marking a 15.5% increase, and exceeding the Bloomberg consensus of €3,554m.
The company’s EBITDA was reported at €351m, a 31% increase, and slightly above the Bloomberg consensus of €349m. The EBIT (earnings before interest and taxes) was €157m, a 28% increase and significantly higher than the Bloomberg consensus of €147m. Net income for Saipem was €77m, a 35% increase, slightly above the Bloomberg consensus of €76m. All of these figures compared favorably with the BERN estimates.
Saipem’s free cash flow (FCF), before lease repayments of €70m, was €387m, which improved the company’s net cash position to €116m (post IFRS 16) / €968m (pre-IFRS 16). This is a significant increase from the net cash position at the end of 2024, which was €23m/€683m.
Saipem reiterated its 2025 guidance, which includes a revenue of around €15bn, an EBITDA of about €1.6bn, an operating cash flow (after the repayment of lease liabilities) of around €900m, a capex of about €500m and a free cash flow (after the repayment of lease liabilities) of at least €500m.
As of the end of 1Q25, Saipem appears to be on track with its revenue guidance of around €15bn, given a backlog for execution of €9.4bn for the remaining 9 months of the year. However, the company is ahead of its plans for operating cash flow after lease repayments (€325m vs >€900m guidance) and FCF after lease repayments (€317m vs >€500m).
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