Shares of Leonardo DRS, Inc. (DRS) surged 6.06% in intraday trading on Thursday, following the company's better-than-expected fourth-quarter earnings release. The defense contractor's stock opened at $13.62 and reached an intraday high of $14.17 as of 9:30 a.m. ET.
Leonardo DRS reported quarterly earnings of $0.38 per share for the fourth quarter of 2024, beating analysts' consensus estimate of $0.35 by 8.57%. The company's revenue of $981 million also surpassed expectations, growing by 5.94% year-over-year and exceeding the analyst estimate of $942.179 million by 4.12%.
The strong financial performance was driven by robust demand across the company's product lines, according to the earnings release. Leonardo DRS CEO William J. Lynn III stated, "Our fourth-quarter results demonstrate the strength of our diversified portfolio and our ability to capitalize on growing defense spending budgets in key markets."
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