Leonardo DRS Posts $2.7B in Full-Year FY22 Revenue, $4.3B Record Backlog; William Lynn Quoted

Leonardo’s U.S. defense subsidiary reported revenues of $820 million during the fourth quarter and $2.7 billion for the full fiscal year of 2022.

Leonardo DRS (Nasdaq: DRS) said Tuesday its Q4 FY22 bookings reached $852 million and full-year awards hit $3.2 billion driven by the rise in demand for its platforms across four key technology areas: advanced sensing, network computing, force protection and electric power and propulsion. 

The company saw its backlog increase by 49 percent to a record $4.3 billion with a book-to-bill ratio of 1.2x and associated the move to robust bookings and the multiboat contract for Columbia-class electric power and propulsion systems.

William Lynn, chairman and CEO of Leonardo DRS, said the company implemented strategic measures to strengthen its presence in core technology markets and reported solid results in 2022 amid labor and supply chain challenges and inflation.

We continue to see strong demand for our innovative technologies and differentiated capabilities providing a path for long-term growth acceleration. In 2023, our steadfast focus is on operational execution to meet our commitments and deliver value for our customers and shareholders,” Lynn added.

The advanced sensing computing segment of Leonardo DRS reported $485 million in Q4 revenue, while the company’s integrated mission systems business logged $349 million in sales during the quarter.

The company reported $0.28 in Q4 diluted earnings per share and $1.88 for the year and posted $120 million in adjusted earnings before interest, taxes, depreciation and amortization for the quarter and full-year adjusted EBITDA of $318 million.

In November, Leonardo DRS became a public company after the completion of its all-stock merger with Israel-based RADA Electronic Industries that was first announced in June 2022.

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