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Dec 31, 2021
VSE Q4 2021 Earnings Report
Announced fourth quarter and full year 2021 results, with revenue growth driven by the Aviation segment and strategic execution in Fleet and Federal & Defense segments.
Key Takeaways
VSE Corporation reported a strong fourth quarter with a 40.1% increase in total revenues to $210.2 million. The Aviation segment was a key driver of growth, with a 115% increase in revenue. The company's net income increased by 3.1% to $6.2 million, and adjusted EBITDA increased by 3.2% to $17.8 million.
Total revenues increased by 40.1% compared to the fourth quarter of 2020, reaching $210.2 million.
GAAP Net Income increased by 3.1% to $6.2 million.
Adjusted EBITDA increased by 3.2% to $17.8 million.
Aviation segment revenue increased by 115%, driven by growth in both distribution and repair markets.
Forward Guidance
VSE intends to pursue organic and inorganic opportunities within complementary Aviation markets, invest in commercial and e-commerce products for the Fleet segment, and prioritize capital allocation toward long-term sustainable revenue and higher margin businesses.
Positive Outlook
- Pursue both organic and inorganic opportunities within complementary, adjacent Aviation markets.
- Further establish themselves as a leading player within both the commercial and business and general aviation MRO and parts distribution markets.
- Capitalize on a steady improvement in MRO activity, a trend we believe is supportive of margin expansion as commercial air travel levels recover.
- Continue to invest in our commercial and e-commerce products, systems, and distribution centers-of-excellence to support these high-growth markets.
- Prioritize capital allocation increasingly toward organic and inorganic growth opportunities that support our focus on long-term sustainable revenue and higher margin businesses.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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