Leonardo DRS Q4 2023 Earnings Report
Key Takeaways
Leonardo DRS reported strong Q4 2023 results with a 13% increase in revenue compared to 2022. Net earnings increased by 14% and adjusted EBITDA grew by 9%. The company's backlog reached a record $7.8 billion, up 82% from the prior year.
Revenue for the fourth quarter was $926 million, a 13% increase year-over-year.
Net earnings for the fourth quarter were $74 million, up 14% year-over-year.
Adjusted EBITDA for the fourth quarter was $131 million, a 9% increase year-over-year.
Backlog reached a record $7.8 billion, up 82% from the prior year.
Leonardo DRS
Leonardo DRS
Leonardo DRS Revenue by Segment
Forward Guidance
Leonardo DRS initiates 2024 guidance with revenue expected to be between $2.925 billion and $3.025 billion and adjusted diluted EPS between $0.74 and $0.82.
Positive Outlook
- Revenue between $2,925 million - $3,025 million
- Adjusted EBITDA between $365 million - $390 million
- Adjusted Diluted EPS between $0.74 - $0.82
Challenges Ahead
- Tax Rate 22.5%
- Diluted Shares Outstanding 268.0 million
- Increase capital expenditures for 2024 and reduce free cash flow conversion of adjusted net earnings to approximately 80% for the year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income