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Leonardo DRS Reports Strong First Quarter Results

Cal Biesecker By
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Leonardo DRS Reports Strong First Quarter Results
William Lynn, Chairman and CEO of Leonardo DRS. (Photo: Leonardo DRS)

Buoyed by strong performance across its operating segments, Leonardo DRS [DRS] on Wednesday reported that net income in its first quarter more than doubled and sales were up handsomely, and strong orders helped drive backlog to a record. Net income surged 140 percent to $29 million, 11 cents earnings per share (EPS), from $12 million (5 cents EPS) a year ago. Adjusted earnings, which exclude acquisition-related costs, restructuring costs, amortization of acquired intangible assets, and one-time non-operational event, were 14…

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