Business
Leonardo DRS Announces Financial Results for Fourth Quarter and Fiscal Year 2022
Revenue: $820 million for the fourth quarter and $2.7 billion for the year Net Earnings: $65 million for the fourth quarter and $405 million for the year
About this update from Leonardo Drs, Inc.
[{"type":"text","content":"\n\nRevenue: $820 million for the fourth quarter and $2.7 billion for the year\n\n\nNet Earnings: $65 million for the fourth quarter and $405 million for the year\n\n\nAdjusted EBITDA: $120 million for the fourth quarter and $318 million for the year\n\n\nDiluted EPS: $0.28 for the fourth quarter and $1.88 for the year\n\n\nAdjusted Diluted EPS: $0.35 for the fourth quarter and $0.83 for the year\n\n\nBookings: $852 million for the fourth quarter and $3.2 billion for the year (book-to-bill ratio of 1.2)\n\n\nBacklog: A record $4.3 billion, up 49% as result of a multi-boat Columbia Class electric power and propulsion contract\n\n\nInitiates solid 2023 guidance\n\n\n ARLINGTON, Va.--(BUSINESS WIRE)--\nLeonardo DRS (Nasdaq and TASE: DRS), a leading provider of advanced defense technologies, today reported financial results for the fourth quarter and year ended December 31, 2022.\n\nCEO Commentary\n\n“2022 was a transformative year for Leonardo DRS. We executed on several strategic actions to strengthen our position in core technology markets. The team delivered solid results in a dynamic operating environment particularly with respect to a challenging supply chain, persisting inflation and tight labor availability. We continue to see strong demand for our innovative technologies and differentiated capabilities providing a path for long-term growth acceleration. In 2023, our steadfast focus is on operational execution to meet our commitments and deliver value for our customers and shareholders,” said Bill Lynn, Chairman and CEO of Leonardo DRS.\n\nSummary Financial Results\n\n\n\n(In millions, except per share amounts)\n\n\n\nFourth Quarter\n\n\n\n \n\n\n\nFull Year\n\n\n\n\n\n2022\n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\nChange\n\n\n\n \n\n\n\n2022\n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\nChange\n\n\n\n\n\nRevenues\n\n\n\n$820\n\n\n\n \n\n\n\n$820\n\n\n\n \n\n\n\n—%\n\n\n\n \n\n\n\n$2,693\n\n\n\n \n\n\n\n$2,879\n\n\n\n \n\n\n\n(6%)\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nNet Earnings\n\n\n\n$65\n\n\n\n \n\n\n\n$58\n\n\n\n \n\n\n\n12%\n\n\n\n \n\n\n\n$405\n\n\n\n \n\n\n\n$154\n\n\n\n \n\n\n\n163%\n\n\n\n\n\nDiluted WASO\n\n\n\n229.045\n\n\n\n \n\n\n\n210.445\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n215.133\n\n\n\n \n\n\n\n210.445\n\n\n\n \n\n\n\n \n\n\n\n\n\nDiluted...