Business
VSE Corporation Announces Fourth Quarter and Full Year 2022 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 2022.\n\nFOURTH QUARTER 2022 RESULTS\n(As compared to the Fourth Quarter 2021)\n\n\nTotal Revenues of $234.3 million increased 11%\n\n\n\nGAAP Net Income of $4.8 million decreased 22%\n\n\n\nGAAP EPS (Diluted) of $0.38 decreased 22%\n\n\n\nAdjusted EPS(1) (Diluted) of $0.68 increased 28%\n\n\n\nAdjusted EBITDA(1) of $22.9 million increased 29%\n\n\nFULL-YEAR 2022 RESULTS\n(As compared to the Full-Year 2021)\n\n\nTotal Revenues of $949.8 million increased 26%\n\n\n\nGAAP Net Income of $28.1 million increased 252%\n\n\n\nGAAP EPS (Diluted) of $2.19 increased 248%\n\n\n\nAdjusted EPS(1) (Diluted) of $2.91 increased 32%\n\n\n\nAdjusted EBITDA(1) of $92.1 million increased 27%\n\n\n(1) Non-GAAP measure, see additional information at the end of this release regarding non-GAAP financial measures\n\nMANAGEMENT COMMENTARY\n\n\"We completed a defining year in our company's history by delivering strong fourth quarter and full year results as we advanced our business transformation strategies, culminating in significant year-over-year growth, robust new business wins, and record full year revenue in our Aviation and Fleet segments,” stated John Cuomo, President and CEO of VSE Corporation. “These successful fourth quarter results were underpinned by continued program execution excellence and commercial market momentum.”\n\n“In the fourth quarter, our Aviation segment revenue grew by nearly 30% versus the prior-year period, with segment margin reaching 2019 levels, driven by an increased mix of higher-margin repair revenue,” continued Cuomo. “Both our Aviation distribution and MRO businesses are now performing above pre-pandemic levels, with Aviation representing nearly 70% of total fourth quarter profit for VSE.”\n\n“Our Aviation segment completed the acquisition of Precision Fuel Components in February 2023,” continued Cuomo. “This transaction expands our MRO capabilities within the B&GA and rotorcraft markets, supporting our value proposition to provide VSE Aviation customers access to differentiating, fu...