The following is a summary of the Leonardo DRS, Inc. (DRS) Q1 2024 Earnings Call Transcript:
Financial Performance:
For Q1, Leonardo DRS reported an organic revenue growth of 21% year-over-year.
The company secured bookings worth $815 million during the quarter and reported a robust backlog of $7.8 billion, reflecting an 84% increase from last year.
The adjusted EBITDA went up by 43%, and the margin expanded by 160 basis points.
Both adjusted net earnings and adjusted diluted EPS doubled compared with the same period last year.
Business Progress:
DRS is experiencing strong demand from both international and domestic customers for advanced solutions like infrared sensing, tactical radars, and naval network computing throughout their diverse portfolio.
The firm sees growing global demand for infrared countermeasures to safeguard rotary and fixed-wing aircraft from surface-to-air missiles and emerging threats.
DRS is concentrating on adjacent market opportunities to further solidify and accelerate future growth and enhancing its competitive edge and its customers' by investing in R&D and CapEx.
The company is expanding its facilities in South Carolina, aiming to improve the efficiency and profitability of its Columbia work, and is in talks with the Navy about possible further expansion. They are also actively exploring potential M&A opportunities.
More details: Leonardo DRS, Inc. IR
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