** Shares of defense co Leonardo DRS DRS.O up 1.5% at
$28.62 on Tues after quarterly results top expectations and it
hikes full-year forecasts
** DRS rises as much as 5.9% to over one-year high of $29.85
in early trading
** Arlington, Virginia-based firm early Tues said Q2 rev
grew 20% yr/yr to $753 mln, driven by strong demand for its
advanced infrared sensing, electric power and propulsion
capabilities and tactical radars
** Co posted adj EPS in qtr of 18 cents compared to 15 cents
a yr-ago
** Wall Street analysts had expected Q2 rev of $680.4 mln
and earnings of 14 cents/sh, per LSEG
** For 2024, co guided for rev of $3.075-$3.175 bln, up from
$2.925-$3.025 bln, and anticipates adj EPS of 82-88 cents vs
prior outlook of 74-82 cents
** 6 of 8 analysts covering DRS rate stock "strong buy" or
"buy", rest "hold" and their median PT is $26 - LSEG
** With move on the session, shares up ~43% YTD following
57% gain in 2023
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))