Business
VSE Corporation Announces Third Quarter 2022 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 2022.\n\nTHIRD QUARTER 2022 RESULTS\n\n(As compared to the Third Quarter 2021)\n\n\nTotal Revenues of $242.5 million increased 21%\n\n\n\nGAAP Net Income of $9.4 million decreased 4%\n\n\n\nGAAP EPS (Diluted) of $0.73 decreased 3%\n\n\n\nAdjusted EBITDA of $24.0 million increased 12%\n\n\n\nAdjusted Net Income of $9.8 million remained flat\n\n\n\nAdjusted EPS (Diluted) of $0.76 remained flat\n\n\nMANAGEMENT COMMENTARY\n\n“VSE delivered a strong quarter with growth in revenue, profitability and free cash flow; as our teams continue to successfully execute our long-term business transformation strategy,” stated John Cuomo, President and CEO of VSE Corporation. “All three business segments reported year-over-year revenue growth, with the Aviation and Fleet segments recording their highest year-to-date revenue in company history,” continued Cuomo.\n\n“Our Aviation segment reported revenue increases of 40% and an adjusted EBITDA increase of 86% or 326 basis points in the third quarter. Strong margins drove the quarter, along with revenue increases supported by growth in both MRO and distribution across all customer market segments. In addition to a strong quarter of financial results and program execution, we announced significant new business that expands our geographic presence and leverage our proven distribution and product line management capabilities. These include four new exclusive distribution agreements valued at approximately $350 million,” continued Cuomo.\n\n“In the Fleet segment, commercial revenue increased by 23% on a year-over-year basis, representing approximately 40% of total Fleet segment revenue for the third consecutive quarter. To meet growing commercial demand and drive our revenue diversification strategy, we announced a new distribution facility outside of Memphis, Tennessee which will be dedicated to supporting commercial and e-commerce fulfillment customers,” continued Cuomo.\n\n“Through the first nine months of 2022, we’ve won significant new business, accelerated our long-term bus...