Leonardo DRS, Inc. - $DRS STOCK NEWS

Leonardo DRS, Inc. (Nasdaq: DRS) announced its first-quarter 2024 financial results, showing significant growth across various financial metrics. Revenue reached $688 million, up 21% year-over-year, with net earnings up 142% to $29 million. Adjusted EBITDA increased by 43% to $70 million, and diluted EPS rose by 120% to $0.11. The company reported a book-to-bill ratio of 1.2x, bookings worth $815 million, and a backlog of $7.8 billion, up 84% year-over-year. Leonardo DRS expressed confidence in its 2024 guidance, anticipating solid performance throughout the year.

Leonardo DRS, Inc. (NASDAQ: DRS) has been honored with the 2024 Herschel Award for developing a revolutionary cooled infrared sensor that enhances military and scientific applications in various domains, including space. The award recognizes DRS's work on linear mode HgCdTe Avalanche Photodiodes for single photon counting sensors, enabling passive imaging under low light conditions. The technology facilitates ultrasensitive receivers for LIDAR, laser communication, remote sensing, gas detection, and 3-D imaging. DRS's collaboration with NASA, DARPA, and the Air Force Research Laboratory underscores its commitment to advancing defense and science technologies. This achievement follows DRS's previous recognition for its contribution to advanced infrared detectors. The Herschel Award, presented for significant infrared device science and technology advancements, highlights DRS's position as a leading provider of infrared sensors and camera systems for the U.S. government and global allies, emphasizing its expertise in sensing technology and laser applications.

Leonardo DRS, Inc. (DRS) has scheduled a conference call to discuss its first quarter 2024 results. The live audio broadcast will be available on the company's investor relations website. Participants can register online to attend the conference call or webcast.

Leonardo DRS, Inc. (NASDAQ: DRS) unveils a cutting-edge combat computing product, fully compliant with U.S. Army standards, aimed at enhancing Army network modernization. The new CMFF system offers advanced capabilities for mission command, maneuver, and fires, providing improved situational awareness and networking on the battlefield.

Leonardo DRS, Inc. (DRS) recently hosted its first investor day post its return to the public markets, showcasing a strong outlook for 2024-2026 with 4-7% organic revenue growth and a 14% adjusted EBITDA margin by 2026.

Leonardo DRS, Inc. (DRS) will host its investor day discussing its portfolio, priorities, operations, and growth outlook. The event will feature key executives and allow virtual participation with a live Q&A session.

Leonardo DRS, Inc. (NASDAQ: DRS) signs a ground lease in Charleston, SC to develop a new manufacturing facility for naval propulsion systems. The $120 million investment will enhance the company's support for U.S. Navy programs, including the Columbia-class ballistic missile submarine. The facility will boost manufacturing, integration, and testing capabilities, creating a national asset for addressing current and future Navy needs.

Leonardo DRS, Inc. (DRS) reports strong financial results for Q4 and full year 2023, with revenue reaching $926 million and $2.8 billion respectively. The company's net earnings were $74 million for Q4 and $168 million for the year. DRS also achieved a record backlog of $7.8 billion, up 82% from the prior year. Initiating 2024 guidance, DRS plans a significant $120 million net capital investment for a new naval propulsion facility in South Carolina.

Leonardo DRS, Inc. (NASDAQ: DRS) has delivered the 1,000th Solaris™ ruggedized laser system at the heart of Northrop Grumman’s Common Infrared Countermeasures (CIRCM) system. This technology is designed to protect aircraft from missile threats, and the company is proud to be a trusted partner with Northrop Grumman. The Solaris is the laser source for Northrop Grumman’s 5th generation IRCM technology, working to 'dazzle' the missile’s infrared guidance system and ensure the safety of aircraft. The company has an extensive installed base of laser technology across the U.S. military, focusing on advanced sensing capability for aircraft protection and sensors supporting the U.S. armed forces.