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Leonardo DRS Reports Strong Q3 2024 Results; Revenue and Profitability Surge

October 30, 2024 By admin Leave a Comment

Leonardo DRS, Inc. (Nasdaq: DRS), a leading provider of advanced defense technologies, has announced financial results for the third quarter of 2024, ending September 30. The company reported revenues of $812 million, a 16% increase year-over-year, and net earnings of $57 million, up 21%. Adjusted EBITDA rose 22% to $100 million, demonstrating the company’s sustained growth. Diluted earnings per share (EPS) grew 17% to $0.21, while adjusted diluted EPS saw a 20% increase to $0.24. Notably, bookings reached $1.1 billion, with a book-to-bill ratio of 1.3x, and the company’s backlog climbed to a record $8.3 billion—up 75% compared to the same period last year.

Bill Lynn, Chairman and CEO of Leonardo DRS, highlighted the strong performance: “We delivered strong third quarter results, highlighted by robust bookings, mid-teens organic revenue growth, increases to all of our key profit metrics and healthy free cash flow generation. Our strategy, execution focus, and steadfast commitment to our customers are driving outcomes that continue to exceed our expectations.”

The company also raised its 2024 guidance across all key financial metrics and provided a preliminary 2025 guidance framework, indicating a continued positive outlook.

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