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Jun 30, 2021
VSE Q2 2021 Earnings Report
Announced second quarter 2021 results.
Key Takeaways
VSE Corporation reported a revenue increase of 3.8% to $175.1 million. Adjusted net income increased 16.0% to $7.7 million, and Adjusted EBITDA increased 9.5% to $18.9 million.
Total Revenues of $175.1 million increased 3.8%.
GAAP Net Loss of $(12.4) million vs. $(22.6) million.
Adjusted Net Income of $7.7 million increased 16.0%.
Adjusted EBITDA of $18.9 million increased 9.5%.
Forward Guidance
VSE anticipates a continued recovery in Aviation segment performance in the coming year, supported by recent contract wins, product and service line expansions, inorganic growth and improved operating efficiencies. Disciplined balance sheet management remains a key area of focus for our team, over the near to medium term, VSE expects working capital investments in new program inventory to drive incremental revenue and EBITDA, resulting in a decline in net leverage at or below historical levels by year-end 2022.
Positive Outlook
- Continued recovery in Aviation segment performance
- Recent contract wins supporting Aviation segment
- Product and service line expansions supporting Aviation segment
- Inorganic growth supporting Aviation segment
- Improved operating efficiencies supporting Aviation segment
Challenges Ahead
- Regional pandemic-related market dynamics
- Aviation inventory for distribution agreements entered into before 2019
- Lower expected demand for certain inventory supporting international customers impacted by the COVID-19 pandemic.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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