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Dec 31, 2023
Leonardo DRS Q4 2023 Earnings Report
Reported financial results for the fourth quarter and full year ended December 31, 2023.
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
Revenue by Segment
Advanced Sensing and Computing Revenue
CapyFin.comIntegrated Mission Systems Revenue
CapyFin.com 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