The defense contractor raised full-year adjusted EBITDA and EPS guidance following a 33% jump in Q2 profitability.
Leonardo DRS posted second-quarter revenue of $913 million, up 10% year-over-year, while adjusted EBITDA surged 33% to $128 million and adjusted EPS rose 52% to $0.35. Bookings topped $1 billion, yielding a 1.2x book-to-bill ratio and record funded backlog.
The company maintained its $3.9 billion–$3.975 billion revenue forecast for the year but increased adjusted EBITDA guidance to $525 million–$540 million and adjusted EPS guidance to $1.34–$1.39. Demand across tactical radar, naval propulsion, and infrared sensing programs drove results.
Leonardo DRS also announced a $450 million cash acquisition of mission-software provider Raft, expected to close in Q4 and be accretive to earnings in its first full year.