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VSE Corporation Announces First Quarter 2022 Results
First Quarter Revenue Increased 40% Year-Over-Year Driven by Growth Across All Reporting Segments ALEXANDRIA, Va.--(BUSINESS WIRE)-- VSE Corporation (NASDAQ:
About this update from Vse Corporation
[{"type":"text","content":"\nFirst Quarter Revenue Increased 40% Year-Over-Year Driven by Growth Across All Reporting Segments\n\n ALEXANDRIA, Va.--(BUSINESS WIRE)--\nVSE Corporation (NASDAQ: VSEC, \"VSE\", or the \"Company\"), a leading provider of aftermarket distribution and maintenance, repair and overhaul (\"MRO\") services for land, sea and air transportation assets for government and commercial markets, today announced results for the first quarter 2022.\n\nFIRST QUARTER 2022 RESULTS\n(As compared to the First Quarter 2021)\n\n\nTotal Revenues of $231.2 million increased 40.2%\n\n\nGAAP Net Income of $6.2 million increased 22.2%\n\n\nAdjusted EBITDA of $22.2 million increased 42.9%\n\n\nAdjusted Net Income of $9.2 million increased 72.8%\n\n\nAdjusted EPS (Diluted) of $0.72 increased 64%\n\n\nAviation segment revenue increased 110% year-over-year to a record $93.3 million in the first quarter 2022. The year-over-year revenue improvement was attributable to share gains within the Business and General Aviation (B&GA) market and continued commercial end-market recovery. Aviation distribution and repair revenue increased 172% and 22%, respectively, in the first quarter 2022 versus the prior-year period. The Aviation segment reported operating income of $7.6 million in the first quarter, compared to a loss of $0.3 million in the same period of 2021. Segment adjusted EBITDA increased by 389% in the first quarter to $10.9 million, versus $2.2 million in the prior-year period. Adjusted EBITDA margin was 11.6%, an increase of 664 basis points versus the prior-year period, driven by improved sales mix and end-market recovery.\n\nFleet segment revenue increased 22% year-over-year to $67.0 million in the first quarter 2022. Revenues from commercial customers increased 93% on a year-over-year basis, driven by growth in commercial fleet demand and e-commerce fulfillment sales. Commercial revenue represented 42% of total Fleet segment revenue in the period. Segment adjusted EBITDA increased 9% year-over-year to $8.8 million, while adjusted EBITDA margin declined 165 basis points to 13.1%, given a higher mix of commercial revenue and continued investment in commercial channel growth.\n\nFederal & Defense segment revenue increased 8% year-over-year to $70.9 million in the first quarter 2022, driven by the contributions from the acquisition of HAECO Special Services...