Business
VSE Corporation Announces Second Quarter 2023 Results
Record Revenue for Aviation and Fleet Segments Raising Full-Year Revenue Guidance and Maintaining Positive Second-Half Free Cash Flow ALEXANDRIA,
About this update from Vse Corporation
[{"type":"text","content":"\nRecord Revenue for Aviation and Fleet Segments\n\n\nRaising Full-Year Revenue Guidance and Maintaining Positive Second-Half Free Cash Flow\n\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 air, land and sea transportation assets for commercial and government markets, announced today results for the second quarter 2023.\n\n\nSECOND QUARTER 2023 RESULTS1\n\n\n(As compared to the Second Quarter 2022; excludes discontinued operations of Federal & Defense segment)\n\n\n\nTotal Revenues of $205.2 million increased 20.9%\n\n\n\nGAAP Net Income of $10.1 million increased 112.2%\n\n\n\nGAAP EPS (Diluted) of $0.78 increased 110.8%\n\n\n\nAdjusted EBITDA of $26.5 million increased 44.3%\n\n\n\nAdjusted Net Income of $10.6 million increased 58.7%\n\n\n\nAdjusted EPS (Diluted) of $0.82 increased 57.7%\n\n\n\n1 From continuing operations\n\n\nMANAGEMENT COMMENTARY\n\n\n\"Strong business performance and market conditions in the second quarter of 2023 supported double-digit revenue growth and improved profitability in both our Aviation and Fleet segments,” said John Cuomo, President and CEO of VSE Corporation. “Our record results reflect our strengthening customer and supplier relationships, market share expansion, and robust end-market activity. We expect to build off this momentum in the second half of 2023, driven by the strong execution of recently awarded distribution programs, the expansion of new capabilities within MRO, and the scaling of our newly launched Memphis, Tennessee distribution and e-commerce fulfillment facility.”\n\n\n“Our differentiated market position, strong program execution, and bespoke product and service offerings, supported by favorable long-term industry trends, will position us to deliver exceptional results in the second half of 2023 and beyond”, concluded Mr. Cuomo.\n\n\nSteve Griffin, CFO of VSE Corporation, commented, \"Following our oversubscribed secondary equity offering in July 2023, we have significantly strengthened our balance sheet and reduced net leverage, providing the Company with increased financial flexibility. Our balance sheet and improved cash flow in the second half of the year will serve as a catalyst for our strategic initiatives an...