Saipem Earnings: Firm Bucks Industry Trend to Post Impressive Third Quarter Results

No-moat-rated Saipem posted strong revenue results of EUR 3.7 billion ($4 billion) for the third quarter of 2024, a 23% year-over-year jump and a 10% sequential bump. EBITDA saw a similarly impressive quarter, coming in at EUR 340 million ($368 million), a 48% year-over-year jump and a 14% sequential gain. The firm’s offshore drilling segment saw a significant bump in revenue from last year due to the contribution of certain drilling vessels that were not in operation in the corresponding period of 2023. EBITDA margin for the quarter was 9.2%, a 160 basis-point jump from last year.