VSE Reports Financial Results for Third Quarter 2019
VSE Delivers 17.4% Revenue and 9.7% Operating Income Growth
Alexandria, Virginia, October 29, 2019 - VSE Corporation (Nasdaq: VSEC), a leading provider of repair services, supply chain management support and consulting services for land, sea and air transportation assets in the public and private sectors, reported the following unaudited consolidated financial results for the third quarter of 2019.
Third Quarter Updates
Revenues were $198 million, up 17.4% as compared to the third quarter 2018.
Operating income was $17 million, up 9.7% as compared to the third quarter of 2018.
Net income was $11 million, up 4.9% as compared to the third quarter of 2018.
Earnings per share (diluted) was $0.95, up 3.3% as compared to the third quarter of 2018.
Adjusted EBITDA (non-GAAP, as described below) was $24.7 million, up 22.0% as compared to the third quarter of 2018.
Debt repayment for the quarter was approximately $10.7 million.
In September, Rob Moore joined VSE as President of our Federal Services Group.
John Cuomo, VSE President and Chief Executive Officer, commented, “Our third quarter growth was balanced and diverse, representing strong performance from our legacy Aviation businesses as well as our recent 1st Choice acquisition. We successfully executed on growth initiatives and the results reflect strong third quarter increases in both our Aviation and Supply Chain Management Groups. During the quarter, our Aviation Group expanded repair capabilities with new offerings and was awarded new distribution partnerships; additionally, Aviation won new repair work on strong platforms, supporting both near-term results and future backlog. Our Supply Chain Management Group continued its customer, product and service diversification strategy with success in the quarter. Both businesses have clearly defined strategies for growth and proven success in test markets.”
Mr. Cuomo continued, “We are pleased to welcome Rob Moore as President of our Federal Services Group. Rob brings broad federal experience and a proven track record in business development and market expansion that will drive a renewed focus on near and long-term growth opportunities in our federal and defense segment. We are focused on the future of this business group, redefining VSE in the federal marketplace, and aggressively building backlog.”
The following information was filed by Vse Corp (VSEC) on Wednesday, October 30, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: VSEC CIK: 102752 Form Type:10-Q Quarterly Report Accession Number: 0000102752-19-000067 Submitted to the SEC: Thu Oct 31 2019 10:39:43 AM EST Accepted by the SEC: Thu Oct 31 2019 Period: Monday, September 30, 2019 Industry: Engineering Services