VSE Corporation Announces First Quarter 2020 Results

About this update from Vse Corporation

[{"type":"text","content":" ALEXANDRIA, Va.--(BUSINESS WIRE)--\nVSE Corporation (NASDAQ: VSEC, “VSE”, or the “Company”), a leading provider of aftermarket distribution and repair services for land, sea and air transportation assets for government and commercial markets, today announced results for the first quarter 2020.\n\n\nFIRST QUARTER 2020 HIGHLIGHTS\n\n\n\nEnacted COVID-19 response and business continuity plan\n\n\nAll repair, distribution and base locations remain open and operational\n\n\nPositive free cash flow anticipated for the full year 2020\n\n\n\nFIRST QUARTER 2020 SUMMARY RESULTS AS COMPARED TO THE FIRST QUARTER 2019\n\n\n\nTotal Revenues of $177.4 million increased 4.4%\n\n\nGAAP Net Income of $3.3 million decreased 49.5%\n\n\nAdjusted Net Income of $9.8 million increased 32%\n\n\nTotal Adjusted EBITDA of $22.7 million increased 15.4%\n\n\nGAAP EPS (Diluted) of $0.30 decreased 50%\n\n\nAdjusted EPS (Diluted) of $0.89 increased 30.9%\n\n\nFree Cash Flow of $6.0 million increased by $5.6 million\n\n\n\nFor the three months ended March 31, 2020, the Company reported total revenue of $177.4 million, versus $169.9 million for the same period ended 2019. The Company reported adjusted net income of $9.8 million or $0.89 per adjusted diluted share, compared to $7.4 million or $0.68 per adjusted diluted share in the prior-year period. Adjusted EBITDA increased to $22.7 million in first quarter 2020, versus $19.7 million for the same period in 2019.\n\n\nDuring the first quarter 2020, the Company renamed its reporting segments to reflect the strategic focus of each business moving forward. The Aviation Group was renamed Aviation segment; the Supply Chain Management Group was renamed Fleet segment; and the Federal Services Group was renamed Federal & Defense segment.\n\n\nDuring the first quarter, Aviation segment revenue increased 18% on a year-over-year basis, driven by strong performance and market share gains for both aftermarket distribution products and maintenance, repair and overhaul (\"MRO\") services. Fleet segment revenue increased 3% in the first quarter, driven by new commercial market customers. Growth in both our Aviation and Fleet segments revenue offset an anticipated decline in Federal & Defense segment revenue. Federal & Defense segment revenue declined 4% in the first quarter due to a forecasted contract expiration in January 202...

More updates from Vse Corporation