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ARLINGTON, Va. - Leonardo DRS, Inc. (NASDAQ:DRS) reported fourth quarter earnings that beat analyst expectations, sending shares up 4.2% in premarket trading Thursday.
The defense technology company posted adjusted earnings per share of $0.38 for Q4, compared to the analyst consensus estimate of $0.34. Revenue came in at $981 million, up 6% YoY and above the $931.43 million consensus estimate.
For the full year 2024, Leonardo DRS reported revenue of $3.23 billion, up 14% from 2023, and adjusted EPS of $0.93, up 27% YoY.
"Our 2024 financial results exceeded our expectations. DRS delivered record bookings, mid-teens organic revenue growth, healthy adjusted EBITDA margin expansion and solid free cash flow generation," said CEO Bill Lynn.
The company’s backlog grew 10% YoY to $8.5 billion at year-end. Bookings in Q4 were $1.27 billion, resulting in a book-to-bill ratio of 1.3.
Looking ahead, Leonardo DRS provided 2025 guidance for revenue of $3.425-$3.525 billion and adjusted EPS of $1.02-$1.08. The midpoint of the revenue guidance range is slightly above the current $3.46 billion analyst consensus.
The company also announced a new $0.09 per share quarterly dividend and authorized a $75 million share repurchase program.
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