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Leonardo DRS, Inc. (DRS) is a prime contractor and a leading innovator in technology, dedicated to providing integrated products, services, and support to military forces, intelligence agencies, and defense contractors across the globe. Headquartered in Arlington, Virginia, Leonardo DRS is a wholly owned subsidiary of Leonardo S.p.A., which employs over 47,000 people worldwide.
The company specializes in various sectors including naval and maritime systems, ground combat mission command and network computing, global satellite communications and network infrastructure, avionics systems, and intelligence and security solutions. Leonardo DRS also constructs power systems and electro-optical/infrared systems for a wide array of commercial customers, showcasing its versatility.
In the field of defense, Leonardo DRS stands out as a provider of advanced technologies across land, air, sea, space, and cyber domains. Their core capabilities are divided into two main segments: Advanced Sensing and Computing and Integrated Mission Systems. The Advanced Sensing and Computing segment, which accounts for the majority of their revenue, focuses on designing, developing, and manufacturing sensing and network computing technology. This technology is crucial for enabling real-time situational awareness, which is essential for enhanced operational decision-making and execution by their customers.
Leonardo DRS has recently achieved significant milestones, including advancements in force protection and electric power and propulsion technologies. Their ongoing projects and partnerships further solidify their position as a key player in the defense industry.
To explore the full range of their capabilities, visit their official website at www.leonardodrs.com or follow them on Twitter at @drstechnologies.
Leonardo DRS (NASDAQ: DRS) has received a $52 million follow-on production order for its advanced Sniper Weapon Sights under the Family of Weapon Sights–Sniper (FWS-S) IDIQ contract for the U.S. Army. The FWS-S is a clip-on thermal weapon sight that works with existing daytime sniper optics, providing rapid target acquisition capabilities in various environmental conditions, including smoke and fog.
The system incorporates DRS's cooled infrared imaging technology, offering strategic and tactical advantages to snipers. This order reinforces Leonardo DRS's position as a trusted provider of advanced sensing capabilities to the U.S. military, aligning with the company's key strategic focus on electro-optical and infrared technologies.
Leonardo DRS (NASDAQ: DRS) has been awarded a $417 million contract by the U.S. Navy to provide critical electronic combat control and sonar systems equipment for submarines. The Technology Insertion Hardware TI-26 contract will cover design, procurement, production, testing, installation, and support of various systems including displays, workstations, processors, and network systems.
The contract, awarded by the Naval Undersea Warfare Center, Keyport, will support the Submarine Warfare Federated Tactical System for U.S. Navy submarines. It also includes purchases for the Foreign Military Sales program and the Royal Australian Navy. This latest generation contract highlights DRS's continued role as a trusted partner in submarine combat control and sonar system hardware programs.
Leonardo DRS (Nasdaq: DRS) reported strong Q2 2024 financial results, with revenue up 20% year-over-year to $753 million. Net earnings increased 9% to $38 million, while adjusted EBITDA grew 32% to $82 million. The company saw significant growth in bookings and backlog, with a book-to-bill ratio of 1.2x and backlog up 82% year-over-year to $7.9 billion.
Key drivers of growth included advanced infrared sensing, electric power and propulsion, and tactical radar programs. Both the Advanced Sensing and Computing (ASC) and Integrated Mission Systems (IMS) segments showed strong performance. Based on these results, Leonardo DRS has increased its 2024 guidance, projecting revenue between $3,075 million and $3,175 million, and adjusted diluted EPS of $0.82 to $0.88.
Leonardo DRS (NASDAQ: DRS) has been honored with a BAE Systems 'Partner 2 Win' Supplier of the Year award for its exceptional performance in 2023. This recognition highlights DRS's commitment to customer satisfaction and strategic partnership. Jerry Hathaway, senior VP and GM of DRS's Electro-Optical and Infrared Systems unit, emphasized the strong partnership between DRS and BAE Systems.
BAE Systems' Partner 2 Win program aims to achieve operational excellence and eliminate defects in its supply chain. The program involves regular engagement with suppliers to share best practices and ensure high-quality components and materials. Ray Brousseau, VP of Operations at BAE Systems' Electronic Systems sector, acknowledged the important role of supply partners like DRS in developing cutting-edge technology and meeting customer needs.
Leonardo DRS (NASDAQ: DRS) has been awarded the 2024 James S. Cogswell Award for Outstanding Industrial Security Achievement by the Defense Counterintelligence and Security Agency (DCSA). The company's Naval Power Systems facility in Danbury, CT was one of only 14 chosen out of over 12,500 eligible cleared facilities in the National Industrial Security Program (NISP).
The award recognizes Leonardo DRS's exceptional security program, leadership, and support to other cleared defense contractors. It highlights the company's commitment to maintaining high standards for security and establishing best practices in industrial security excellence.
This marks Leonardo DRS's twenty-second Cogswell award, demonstrating their consistent dedication to protecting sensitive and classified programs for the Department of Defense. The rigorous selection process involves multiple superior industrial security review ratings and showcases sustained excellence in security program management and implementation.
Leonardo DRS (NASDAQ: DRS) announced the delivery of its 1,000th advanced sensor package, integral to BAE Systems’ 2-Color Advanced Warning System (2CAWS) for the U.S. Army's missile warning and hostile fire detection. This next-gen system enhances the survivability of U.S. Army aircrews by providing advanced 360-degree threat detection capabilities. The 2CAWS is part of the Interim Missile Warning System (LIMWS) Quick Reaction Capability program. Officials from U.S. Army and BAE Systems visited Leonardo DRS to celebrate this milestone.
Senior VP Jerry Hathaway emphasized the importance of this technology in current conflicts, such as Ukraine, for aircrew safety. The Leonardo DRS sensor package is designed to integrate with countermeasure systems, protecting against various missile threats, reinforcing its strategic role in U.S. military operations.
Leonardo DRS (Nasdaq: DRS) has announced a conference call scheduled for Tuesday, July 30, 2024, at 10:00 a.m. ET to discuss its second quarter 2024 financial results. The earnings press release will be issued prior to the call. Interested parties can register for the live audio broadcast on the company's investor relations website. A replay of the call will be accessible on the website approximately two hours post-conclusion and will be available for 90 days.
Leonardo DRS (NASDAQ: DRS) has secured another full-rate production contract with Northrop Grumman to supply Quantum Cascade Laser (QCL) technology for Common Infrared Countermeasure (CIRCM) systems. These systems are designed to protect U.S. military aircraft from missile threats. The CIRCM, a fifth-generation laser-based infrared countermeasure, has achieved Initial Operational Capability with the U.S. Army and is set for accelerated deployment on over 1,500 helicopters. The DRS QCLs are lightweight, multi-color laser systems that offer best-in-class performance in missile threat defense. This collaboration underscores DRS's strategic focus on advancing laser technology and enhancing aircraft survivability.
Leonardo DRS (NASDAQ: DRS) has secured a contract from NAVSEA for over $26 million, providing AN/SPQ-9B radar design and engineering services. The contract encompasses system engineering, software development, hardware design, and more.
The AN/SPQ-9B radar is designed for littoral environments, offering high clutter improvement and low false track rates. It supports detection and tracking of various threats including anti-ship cruise missiles, UAVs, and helicopters.
Leonardo DRS's expertise in complex design and manufacturing underpins support across naval, ground, air, space, and cyber missions.
Leonardo DRS, Inc. (NASDAQ: DRS) has been awarded a contract to supply the upgraded Aerial Refueling Operator Station (AROS 2.0) for the U.S. Air Force's KC-46 Pegasus refueling tanker fleet by Boeing Defense. The company will manufacture and deliver the AROS 2.0 units to Boeing for installation. DRS's expertise in complex manufacturing and technical design positions it as a leader in providing critical systems for air and space missions.
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