Leonardo DRS, Inc. reported a significant increase in financial performance for the fiscal year ending December 31, 2024, with total revenues reaching $3.234 billion, a 14.4% increase from $2.826 billion in 2023. The company's net earnings also rose to $213 million, up 26.8% from $168 million the previous year. This growth was driven by heightened demand across its program portfolio, particularly in the Advanced Sensing and Computing (ASC) and Integrated Mission Systems (IMS) segments, which saw revenues of $2.118 billion and $1.138 billion, respectively.
The company’s backlog increased to $8.509 billion, a 9.8% rise from $7.751 billion in 2023, reflecting strong customer demand and new orders totaling $4.077 billion, a 16% increase year-over-year. The ASC segment experienced a notable 15.7% revenue growth, attributed to expanded dismounted sensing and tactical radar programs, while the IMS segment's revenue grew by 11.5%, primarily due to increased output in electric power and propulsion systems for the U.S. Navy's Columbia Class submarine program.
Strategically, Leonardo DRS has focused on enhancing its capabilities through acquisitions and divestitures. The company completed the merger with RADA Electronic Industries Ltd. in November 2022, which has contributed to its technological advancements in tactical radar systems. Additionally, the divestiture of its Global Enterprise Solutions business in August 2022 generated $427 million in cash proceeds, which were used to strengthen its balance sheet and fund strategic initiatives.
Operationally, the company reported a workforce of approximately 7,000 employees as of December 31, 2024, with a commitment to maintaining a culture of innovation and operational excellence. The company has also emphasized its focus on research and development, with expenditures increasing to $92 million in 2024, up from $82 million in 2023. This investment is aimed at enhancing existing products and developing new technologies to meet evolving defense needs.
Looking ahead, Leonardo DRS anticipates continued growth driven by its strong backlog and ongoing demand for its advanced defense technologies. However, the company remains cautious about potential impacts from U.S. government budgetary constraints and geopolitical uncertainties, which could affect future revenues and operational performance. The company’s leadership is committed to navigating these challenges while capitalizing on opportunities within the defense sector.
About Leonardo DRS, Inc.
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