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Sep 30, 2021
VSE Q3 2021 Earnings Report
VSE reported strong Q3 2021 results driven by aftermarket distribution and MRO strategies.
Key Takeaways
VSE Corporation announced third quarter 2021 results with total revenues of $200.6 million, a 21.2% increase compared to the same period last year. GAAP Net Income increased by 11.3% to $9.0 million, and Adjusted EBITDA increased by 18.7% to $21.4 million. The company generated $21.0 million in free cash flow.
Total Revenues increased 21.2% to $200.6 million.
GAAP Net Income increased 11.3% to $9.0 million.
Adjusted Net Income increased 42.5% to $9.7 million.
Adjusted EBITDA increased 18.7% to $21.4 million.
VSE
VSE
Forward Guidance
VSE remains focused on improving profitability as they execute their strategic growth initiatives and are pleased with the early progress made with the recently completed Global Parts acquisition. They continue to stay focused on achieving their net leverage target of 2.5x by year-end 2022 through meaningful growth in EBITDA as a result of the recent investments in working capital made throughout 2021.
Positive Outlook
- New contract wins driving growth.
- Long-term program extensions providing stability.
- Strong program execution leading to positive results.
- Commercial e-commerce growth contributing to revenue.
- Recently completed acquisitions adding to the business.