Business
VSE Corporation Announces Fourth Quarter and Full Year 2021 Results
ALEXANDRIA, Va.--(BUSINESS WIRE)-- VSE Corporation (NASDAQ: VSEC; “VSE”, or the “Company”), a leading provider of aftermarket distribution and maintenance,
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 maintenance, repair and overhaul (\"MRO\") services for land, sea and air transportation assets for government and commercial markets, today announced results for the fourth quarter and full year 2021.\n\nFOURTH QUARTER 2021 RESULTS\n(As compared to the Fourth Quarter 2020)\n\n\nTotal Revenues of $210.2 million increased 40.1%\n\n\nGAAP Net Income of $6.2 million increased 3.1%\n\n\nAdjusted Net Income of $6.8 million increased 17.0%\n\n\nAdjusted EBITDA of $17.8 million increased 3.2%\n\n\nFor the three months ended December 31, 2021, the Company reported total revenue of $210.2 million, an increase of 40% over fourth quarter 2020 revenue of $150.0 million. VSE reported adjusted net income of $6.8 million or $0.53 per adjusted diluted share, compared to $5.8 million or $0.52 per adjusted diluted share in the prior-year period.\n\nAdjusted EBITDA increased to $17.8 million in the fourth quarter 2021, versus $17.3 million for the same period in 2020. The Company generated free cash flow, as defined by operating cash flow less total capital expenditures, of $10.0 million in the fourth quarter 2021, versus $(0.9) million in the same period of 2020.\n\nAviation segment revenue increased for the sixth consecutive quarter. Fourth quarter 2021 Aviation segment revenue increased 115% on a year-over-year basis, driven by growth within both distribution and repair markets and market share gains within the business and general aviation (\"B&GA\") market. Aviation distribution and repair revenue increased 174% and 27%, respectively, in the fourth quarter 2021 versus the prior-year period, with distribution continuing to operate above pre-pandemic levels.\n\nFleet segment revenue increased 12% on a year-over-year basis, driven by strong growth with commercial fleet customers and e-commerce fulfillment sales. Commercial revenue increased 61% versus the prior-year period, and USPS-related revenue improved sequentially for the second consecutive quarter.\n\nFederal and Defense segment revenue increased 16% on a year-over-year basis, supported by contributions from the HAECO Special Services (HSS) acquisition completed in the first quarter 2021.\n\nFor the twelve months ended December 31, 2021, the Comp...