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Sep 30, 2023
VSE Q3 2023 Earnings Report
Reported record revenue and profitability for the Aviation segment and raised full-year revenue guidance for Aviation segment.
Key Takeaways
VSE Corporation announced strong Q3 2023 results, driven by record performance in the Aviation segment and continued growth in the Fleet segment. Total revenues increased by 38.2%, and GAAP net income rose by 57.3%. The company also made strategic acquisitions and optimized its balance sheet.
Total revenues increased by 38.2% to $231.4 million.
GAAP Net Income increased 57.3% to $12.1 million.
Aviation segment revenue increased 48% year-over-year to a record $152.4 million.
Fleet segment revenue increased 22% year-over-year to $79.0 million.
Forward Guidance
VSE increased its full year 2023 revenue growth and its Adjusted EBITDA margin guidance for its Aviation segment, reaffirmed its revenue growth and Adjusted EBITDA margin guidance for its Fleet segment, and expects positive free cash flow to accelerate in the fourth quarter.
Positive Outlook
- Aviation segment full year 2023 revenue growth of 30 to 35%, as compared to the prior year
- Aviation segment Adjusted EBITDA margin expected to be at the higher end of the previously provided guidance range of 14 to 16%
- Fleet segment full year 2023 revenue growth of 20 to 25%, as compared to the prior year
- Fleet segment Adjusted EBITDA margin guidance range of 11 to 13%
- The Company expects free cash flow to accelerate in the fourth quarter 2023
Historical Earnings Impact
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Avg. Return Before/After Earnings
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