Advanced defense technology company Leonardo DRS, Inc. (DRS) reported Wednesday that net income for the third quarter grew to $72 million or $0.26 per share from $57 million or $0.21 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter was $0.29 per share, compared to $0.24 per share in the year-ago quarter.
On average, nine analysts polled by Thomson Reuters expected the company to report earnings of $0.28 per share for the quarter. Analysts' estimates typically exclude special items.
Sales for the quarter grew 18 percent to $960 million from $812 million in the same quarter last year. Analysts expected revenues of $924.79 million for the quarter.
Looking ahead to fiscal 2025, the company now projects adjusted earnings in a range of $1.07 to $1.12 per share on revenues between $3.55 billion and $3.60 billion. Previously, the company expected adjusted earnings in the range of $1.06 to $1.11 per share on revenues between $3.525 billion and $3.60 billion.
The Street is looking for earnings of $1.10 per share on revenues of $3.58 billion for the year.
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