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DRS Posts Record Third Quarter Results

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DRS Technologies [DRS] last week reported record third quarter financial results due to strong organic growth and margins across its operating businesses. Net income increased 21 percent to $42.6 million, $1.03 earnings per share (EPS), from $35.1 million (86 cents EPS), handily beating consensus estimates by eight cents EPS. Operating margins were 11 percent and free cash flow was $41.5 million. Sales increased 23 percent to $836.6 million from $680.4 million with all of the growth organic. Each of the…

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