Leonardo DRS Q3 Adj. Profit Rises, Revenues Up 11%; Updates 2023 Guidance

(RTTNews) - Leonardo DRS, Inc. (DRS) reported third quarter net income of $47 million compared to $279 million, last year. Earnings per share was $0.18 compared to $1.33. The company noted that prior year third quarter net earnings and EPS contained a one-time net after tax gain of approximately $270 million. Adjusted EPS increased to $0.20 from $0.12. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.16, for the quarter. Analysts' estimates typically exclude special items.

Revenues were $703 million, up 11% from prior year. Analysts on average had estimated $682.14 million in revenue. The company said strong performance on naval power and computing programs bolstered revenues.

For 2023, the company now expects adjusted EPS in a range of $0.70 - $0.72, revised from prior guidance range of $0.66 - $0.69. Revenue is now projected in a range of $2.735 billion - $2.785 billion, revised from previous guidance range of $2.725 billion - $2.800 billion.

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