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VSE Corporation Announces Third Quarter 2021 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 third quarter 2021.\n\nTHIRD QUARTER 2021 RESULTS\n(As compared to the Third Quarter 2020)\n\n\nTotal Revenues of $200.6 million increased 21.2%\n\n\nGAAP Net Income of $9.0 million increased 11.3%\n\n\nAdjusted Net Income of $9.7 million increased 42.5%\n\n\nAdjusted EBITDA of $21.4 million increased 18.7%\n\n\nFor the three months ended September 30, 2021, the Company reported total revenue of $200.6 million, versus $165.5 million for the same period of 2020. Excluding a non-recurring order for pandemic-related personal protective equipment (PPE) in the third quarter 2020, total revenue increased 26.6% on a year-over-year basis in the third quarter 2021, the highest quarterly revenue run-rate since the fourth quarter 2016. The Company reported adjusted net income of $9.7 million or $0.76 per adjusted diluted share, compared to $6.8 million or $0.62 per adjusted diluted share in the prior-year period.\n\nAdjusted EBITDA increased to $21.4 million in the third quarter 2021, versus $18.0 million for the same period in 2020. The Company generated total free cash flow, as defined by operating cash flow less total capital expenditures, of $21.0 million in the third quarter 2021, versus $11.3 million in the same period of 2020.\n\nAviation segment revenue increased 101.9% on a year-over-year basis, driven by organic growth within both distribution and MRO markets, initial contributions from program implementation of recent contract wins, and market share gains within the business and general aviation (B&GA) market, supported by the acquisition of Global Parts Group completed in July 2021. Aviation distribution and MRO revenue increased 187% and 8%, respectively, in the third quarter 2021 versus the prior-year period, with distribution revenue currently above pre-pandemic levels.\n\nFleet segment revenue increased 6.4% on a year-over-year basis, excluding a non-recurring order for pandemic-related PPE fulfilled in the prior-year period. Fleet segment growth was driven by higher commercial fleet and e-commerce fulfillment sales, ...