Leonardo Q2 Results Above Analysts View, Ups Annual Guidance; Stock Up In Pre-market

(RTTNews) - Leonardo DRS, Inc. (DRS), a provider of advanced defense technologies, Tuesday reported higher earnings for the second quarter, primarily helped by growth in revenue. Results beat the Street expectations. The company also raised its full-year guidance above the consensus estimates. The stock is up more than 4 percent in pre-market to $29.51.

The company posted earnings of $38 million or $0.14 per share for the second quarter, higher than 35 million or $0.13 per share in the year-ago quarter.

Excluding one-time items, earnings of $47 million or $0.18 per share beat the analysts' average estimate of $0.14 per share. Analysts' estimates typically exclude special items.

Revenue for the quarter grew to $753 million from $628 million in the previous year. The consensus estimate was for $680.36 million.

For the full year, the company now expects revenue in the range of $3.075 billion - $3.175 billion, up from the previous guidance of $2.925 billion - $3.025 billion.

Adjusted EPS outlook has been raised to the range of $0.82 - $0.88 from $0.74 - $0.82.

Analysts expect the company to report earnings of $0.81 per share on revenue of $3.01 billion for the year.

Leonardo DRS stock had closed at $28.20, down 1.05 percent on Monday. It has traded in the range of $15.75 - $29.64 in the last 1 year.