Business
VSE Corporation Announces Fourth Quarter and Full-Year 2019 Results
ALEXANDRIA, Va.--(BUSINESS WIRE)-- VSE Corporation (NASDAQ: VSEC, “VSE”, or the “Company”), a leading provider of aftermarket distribution and repair
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 in the public and private sectors, today announced results for the fourth quarter and full-year 2019.\n\n\nFOURTH QUARTER 2019 HIGHLIGHTS AS COMPARED TO THE FOURTH QUARTER 2018\n\n\n\nTotal Revenues of $195.3 million increased +7.9%\n\n\nTotal Net Income of $10.0 million increased +8.1%\n\n\nTotal Adjusted EBITDA of $23.1 million increased +15.9%\n\n\nEPS (Diluted) of $0.90 per share increased +7.1%\n\n\n\nFULL-YEAR 2019 HIGHLIGHTS AS COMPARED TO FULL-YEAR 2018\n\n\n\nTotal Revenues of $752.6 million increased +7.9%\n\n\nTotal Net Income of $37.0 million increased +5.5%\n\n\nTotal Adjusted EBITDA of $91.0 million increased +16.2%\n\n\nEPS (Diluted) of $3.35 per share increased +4.4%\n\n\n\nFor the three months ended December 31, 2019, the Company reported total revenue of $195.3 million, versus $181.0 million for the same period ended 2018. VSE reported net income of $10.0 million, or $0.90 per diluted share, compared to $9.2 million, or $0.84 per diluted share, in the fourth quarter 2018. Adjusted EBITDA increased to $23.1 million in fourth quarter 2019, versus $19.9 million for the same period ended 2018.\n\n\nDuring the fourth quarter, growth in Aviation and Supply Chain Management Group revenue offset a decline in Federal Services Group revenue. Aviation Group revenue increased more than 54% on a year-over-year basis, due to contributions from the 1st Choice Aerospace acquisition completed in January 2019, together with organic growth in core existing business lines. Excluding contributions from the 1st Choice Aerospace acquisition, Aviation Group revenue increased organically more than 11% in the full-year 2019, when compared to the prior-year, driven by increased global distribution sales. Supply Chain Management Group revenue increased 2% on a year-over-year basis in the fourth quarter, as an increase in vehicle parts sales to commercial customers offset an anticipated decline in demand related to the Company’s managed inventory program with the United States Postal Service (“USPS”). Federal Services Group revenue declined 7% on a year-over-year basis, due to anticipated reduced demand for services on a U.S. Navy program...