Shares of Leonardo DRS, Inc. (DRS) surged 9.58% in pre-market trading on November 6, 2024, after the cash logistics and digital solutions provider reported solid third-quarter results and raised its full-year guidance.
For Q3 2024, DRS reported a 3% year-over-year increase in total revenues, driven by a 26% organic growth in its higher-margin ATM managed services and digital retail solutions segments. These now account for over 23% of total revenue and are expected to deliver over 20% organic growth for the full year.
The company's profits were impacted by currency headwinds, market slowdown in its global services business, and a large security loss event. However, DRS' CEO Mark Eubanks highlighted their ongoing investments in technology to drive long-term operating efficiencies and support the growing base of recurring revenue streams.
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