Business
VSE Corporation Announces Third Quarter 2020 Results
Aviation Segment Reports Quarter-over-Quarter Revenue Growth, Driven by New Business Wins New Landing Gear Initiative Accelerated by $100 million Aviation
About this update from Vse Corporation
[{"type":"text","content":"\nAviation Segment Reports Quarter-over-Quarter Revenue Growth, Driven by New Business Wins \n\nNew Landing Gear Initiative Accelerated by $100 million Aviation Distribution Contract Award \n\nPositive Net Income and Free Cash Flow from Operations; Second Consecutive Quarter of Debt Reduction \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 third quarter 2020.\n\nTHIRD QUARTER 2020 RESULTS\n(as compared to the third quarter 2019)\n\n\nTotal Revenues of $165.5 million declined 16.5%\n\n\nTotal Revenues, excluding divestitures, declined 12.0% (1)\n\n\nGAAP Net Income of $8.1 million declined $2.4 million\n\n\nAdjusted Net Income of $6.8 million declined $4.1 million\n\n\nTotal Adjusted EBITDA of $18.0 million declined $6.5 million\n\n\nGAAP EPS (Diluted) of $0.73/share declined $0.22/share\n\n\nAdjusted EPS (Diluted) of $0.62/share declined $0.37/share\n\n\nOperating Cash Flow of $12.4 million during the third quarter 2020\n\n\nFree Cash Flow of $11.3 million during the third quarter 2020 (2)\n\n\nTotal Debt reduced by $10.4 million during the third quarter 2020\n\n\n(1) Excludes the previously announced divestitures of Prime Turbines and CT Aerospace\n(2) Cash provided by operating activities less capital expenditures\n\nFor the three months ended September 30, 2020, the Company reported total revenue of $165.5 million, versus $198.3 million for the same period ended 2019. The Company reported adjusted net income of $6.8 million or $0.62 per adjusted diluted share, compared to $10.9 million or $0.99 per adjusted diluted share in the prior-year period. Adjusted EBITDA declined to $18.0 million in the third quarter 2020, versus $24.5 million for the same period in 2019. The Company generated $11.3 million in free cash flow during the third quarter 2020. VSE reduced total debt outstanding by $10.4 million during the third quarter 2020.\n\nAviation segment revenue, excluding the previously announced divestiture of Prime Turbines and CT Aerospace assets, declined 26.0% on a year-over-year basis in the third quarter 2020, as lower revenue passenger miles at major airline custom...