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Earnings, Sales Fall As Leonardo DRS Opens Year

Cal Biesecker By
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Earnings, Sales Fall As Leonardo DRS Opens Year
William Lynn, Chairman and CEO of Leonardo DRS. (Photo: Leonardo DRS)

Leonardo DRS [DRS] on Wednesday evening reported lower earnings and sales in its first quarter largely due to headwinds from a boost the company received a year ago in the Columbia-class submarine program and the divestiture of a business. Net income tumbled 67 percent to $12 million, 5 cents earnings per share (EPS), from $36 million (17 cents EPS) a year ago. The Columbia profit step up in the first quarter of 2022 was a $25 million headwind to the…

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