Fincantieri improved its earnings as it benefitted from a full return to shipbuilding after pausing operations last year due to Covid-19.
The Italian company, which builds cruiseships for the likes of Carnival Corp and other majors, posted €330m ($378m) in Ebitda for the first nine months of 2021 versus €200m in the same period last year.
It did not report a bottom-line profit.
Revenue jumped 28% to €4.54bn with "record production volumes" at its Italian yards, Fincantieri said.
The company delivered four cruiseships during the third quarter to owners Virgin Voyages, MSC Cruises, Carnival Corp and Ponant, in addition to completing projects in other maritime sectors.
The shipbuilder has delivered 13 ships so far this year.
"The growth of the group, supported by the current backlog, reflects the order preservation strategy we adopted during the pandemic," chief executive Giuseppe Bono said.
Shipbuilding revenue improved 28.5% to €3.99bn for the first nine months of this year. Cruiseship construction accounted for most of that revenue, jumping 25.7% to €2.85bn.
Its offshore and specialised vessels segment recorded €6m in Ebitda for the first three quarters of 2021 against zero Ebitda for the same period last year.
Revenue came in at €313m, representing a 15.3% improvement over last year's result.
"Such trend reflects the successful repositioning strategy towards more promising segments like the offshore wind," the company said.
Fincantieri has an order for eight service operation vessel newbuildings from Vard, in addition to options to maintain offshore wind farms.
Revenue from the equipment, systems and services segment account for €764m, up 29.1% compared with the same period of last year.
Full speed ahead
Looking ahead, Fincantieri expects production levels "to continue at full speed" as vaccines continue to mitigate the spread of Covid-19.
Fincantieri is aligning with Greek partners to rescue Greece's Elefsis Shipyard from debt as high as €300m.
The potential investment comes a few months after Fincantieri posted a return to profit after sustaining crippling losses as a result of the pandemic.
