Business
VSE Corporation Announces Second Quarter 2022 Results
Revenue Increased 38% Year-over-Year; Record Setting $105 Million Revenue Quarter for Aviation ALEXANDRIA, Va.--(BUSINESS WIRE)-- VSE Corporation (NASDAQ:
About this update from Vse Corporation
[{"type":"text","content":"\nRevenue Increased 38% Year-over-Year; Record Setting $105 Million Revenue Quarter for Aviation\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 second quarter 2022.\n\nSECOND QUARTER 2022 RESULTS\n\n(As compared to the Second Quarter 2021)\n\n\nTotal Revenues of $241.7 million increased 38%\n\n\n\nGAAP Net Income of $7.5 million increased $19.9 million\n\n\n\nGAAP EPS (Diluted) of $0.59 increased $1.56\n\n\n\nAdjusted EBITDA of $22.9 million increased 21%\n\n\n\nAdjusted Net Income of $9.6 million increased 25%\n\n\n\nAdjusted EPS (Diluted) of $0.75 increased 25%\n\n\nAviation segment revenue increased 121% year-over-year to a record $105.0 million in the second 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 177% and 37%, respectively, in the second quarter 2022 versus the prior-year period. The Aviation segment reported operating income of $6.5 million in the second quarter, compared to an operating loss of $22.3 million in the same period of 2021. Segment adjusted EBITDA increased by 198% in the second quarter to $11.9 million, versus $4.0 million in the prior-year period. Adjusted EBITDA margin was 11.4%, an increase of 293 basis points versus the prior-year period, driven by execution of new program awards and end-market recovery.\n\nFleet segment revenue increased 12% year-over-year to $64.7 million in the second quarter 2022. Revenues from commercial customers increased 48% on a year-over-year basis, driven by growth in commercial fleet demand and e-commerce fulfillment sales. Commercial revenue represented 40% of total Fleet segment revenue in the period. Segment adjusted EBITDA increased 10% year-over-year to $7.7 million, while adjusted EBITDA margin was 12.0%, flat with the prior-year period.\n\nFederal and Defense segment revenue increased 3% year-over-year to $72.0 million in the second quarter 2022, driven by growth in the Foreign Military Sales (FMS) program wit...