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Jun 30, 2023
VSE Q2 2023 Earnings Report
VSE Corporation reported record revenue for Aviation and Fleet segments, raised full-year revenue guidance, and maintained positive second-half free cash flow.
Key Takeaways
VSE Corporation announced strong Q2 2023 results, with total revenues increasing by 20.9% to $205.2 million and GAAP net income increasing by 112.2% to $10.1 million. The company saw record revenue in both its Aviation and Fleet segments and raised its full-year revenue guidance.
Total Revenues increased by 20.9% to $205.2 million.
GAAP Net Income increased by 112.2% to $10.1 million.
Aviation segment revenue increased 19% to $124.7 million.
Fleet segment revenue increased 24% to $80.5 million.
VSE
VSE
Forward Guidance
VSE is increasing its full year 2023 revenue guidance and maintaining its Adjusted EBITDA margin guidance for its Aviation and Fleet segments and its positive free cash flow guidance for the second half of 2023.
Positive Outlook
- Aviation segment full year 2023 revenue guidance is increasing from 10 to 15% to 25 to 30% growth.
- Aviation segment expects Adjusted EBITDA margin to be at the higher end of its previously provided guidance range of 13 to 15%.
- Fleet segment full year 2023 revenue guidance is increasing from 12 to 20% to 20 to 25% growth.
- Fleet segment is maintaining its Adjusted EBITDA margin guidance range of 11 to 13%.
- The Company maintains its outlook for positive free cash flow in the second half of 2023