VSE Corporation Announces Second Quarter 2024 Results

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[{"type":"text","content":"\nRecord Revenue and Record Profitability for Aviation Segment\n\n\n ALEXANDRIA, Va.--(BUSINESS WIRE)--\nVSE Corporation (NASDAQ: VSEC, \"VSE\", or the \"Company\"), a leading provider of aftermarket distribution and repair services, announced today results for the second quarter 2024.\n\n\nSECOND QUARTER 2024 RESULTS(1)\n\n\n(As compared to the Second Quarter 2023)\n\n\n\nTotal Revenues of $266.0 million increased 29.6%\n\n\n\n\nGAAP Net Loss of $(2.8) million decreased 127.5%\n\n\n\n\nGAAP EPS (Diluted) of $(0.16) decreased 120.5%\n\n\n\n\nAdjusted EBITDA(2) of $31.3 million increased 18.4%\n\n\n\n\nAdjusted Net Income(2) of $11.0 million increased 4.5%\n\n\n\n\nAdjusted EPS (Diluted)(2) of $0.64 decreased 22.0%\n\n\n\n1 From continuing operations\n2 Non-GAAP measure. See additional information at the end of this release regarding non-GAAP financial measures\n\n\nMANAGEMENT COMMENTARY\n\n\n\"The VSE team delivered another milestone quarter marked by record revenue and profitability for our Aviation segment coupled with solid execution against our 2024 strategic transformation priorities,\" said John Cuomo, President and CEO of VSE Corporation. \"Within our Aviation segment, we reported 55% revenue growth and a 70-basis point improvement in Adjusted EBITDA margins as compared to the prior year, driven by a very balanced quarter of execution supported by strong performance of existing distribution programs, the scaling of new distribution awards, an expanded portfolio of maintenance, repair and overhaul (\"MRO\") capabilities, and contributions from recent acquisitions. Although our Fleet segment results were temporarily impacted by the United States Postal Service's (\"USPS\") transition to a new Fleet Management Information System (\"FMIS\"), the decline in USPS revenue was partially offset by 22% growth in our e-commerce fulfillment and commercial fleet businesses.\"\n\n\n\"We enter the second half of the year with significant momentum within our Aviation business and a continued focus on executing our strategic and operating plans,\" Mr. Cuomo continued. \"This includes scaling our new European distribution center of excellence, supporting our Pratt & Whitney Canada Europe, Middle East and Africa (\"EMEA\") agreement, launching our new OEM licensed manufacturing program, integrating the Desser Aerospace acquisition, and exec...

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