Leonardo DRS Lifts FY23 Outlook - Update

(RTTNews) - Advanced defense technologies provider Leonardo DRS (DRS), while reporting higher profit and nearly flat revenues for its second quarter, lifted the lower end of its forecast range for fiscal 2023.

In pre-market activity on Nasdaq, Leonardo DRS shares were trading at $16.65, up 1.22 percent.

For the full year, the company now expects adjusted earnings per share of $0.66 to $0.69, higher than previous outlook of $0.64 to $0.69.

Revenue for the year is now projected between $2.73 billion and $2.80 billion, compared to previous outlook of $2.70 billion to $2.80 billion.

On average, four analysts polled by Thomson Reuters expect earnings of $0.70 per share on revenues of $2.77 billion for the year. Analysts' estimates typically exclude special items.

Adjusted EBITDA is now expected between $318 million and $328 million, compared to earlier estimate of $315 million to $330 million.

In fiscal 2022, adjusted earnings per share were $0.83, adjusted EBITDA was $318 million and revenues were $2.69 billion.

In the second quarter, earnings came in at $35 million or $0.13 per share, compared with $25 million or $0.12 per share, in last year's second quarter.

Adjusted earnings were $39 million or $0.15 per share for the period, compared to $35 million or $0.16 per share a year ago.

Analysts expected the company to earn $0.11 per share.

The company's revenue for the quarter edged up to $628 million from $627 million last year.

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