Tag: Aerospace & Defense

V2X, Inc. (VVX) – Training Systems Acquisition IV

Posted on by cpereira@noblefcm.com


Monday, June 05, 2023

For more than 70 years, Vectrus has provided critical mission support for our customers’ toughest operational challenges. As a high-performing organization with exceptional talent, deep domain knowledge, a history of long-term customer relationships, and groundbreaking technical expertise, we deliver innovative, mission-matched solutions for our military and government customers worldwide. Whether it’s base operations support, supply chain and logistics, IT mission support, engineering and digital integration, security, or maintenance, repair and overhaul, our customers count on us for on-target solutions that increase efficiency, reduce costs, improve readiness, and strengthen national security. Vectrus is headquartered in Colorado Springs, Colo., and includes about 8,100 employees spanning 205 locations in 28 countries. In 2021, Vectrus generated sales of $1.8 billion. For more information, visit the company’s website at www.vectrus.com or connect with Vectrus on Facebook, Twitter, and LinkedIn.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

On the List. Last week, V2X was one of three dozen firms awarded a spot on the $32.5 billion Training Systems Acquisition IV ID/IQ contract to provide for the analysis, design, development, production, installation, integration, test, and sustainment for Air Force training systems encompassing complex aircrew, maintenance, and system-specific training systems in support of warfighter training at operating locations worldwide. Work will be performed in the contiguous U.S. and worldwide, and is expected to be completed by May 31, 2033.

More Opportunity. TSA IV is a significant upgrade over the $20.9 billion ceiling under TSA III, but, even more importantly, V2X can leverage the combined Vectrus/Vertex capabilities to bid on a wider range of task orders under the contract. According to V2X, the old Raytheon Technology and Training Solutions segment (purchased by Vertex in 2021) had a seat on TSA III but did not have any work.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

V2X, Inc. (VVX) – A Good Start to the Year

Posted on by cpereira@noblefcm.com


Thursday, May 11, 2023

For more than 70 years, Vectrus has provided critical mission support for our customers’ toughest operational challenges. As a high-performing organization with exceptional talent, deep domain knowledge, a history of long-term customer relationships, and groundbreaking technical expertise, we deliver innovative, mission-matched solutions for our military and government customers worldwide. Whether it’s base operations support, supply chain and logistics, IT mission support, engineering and digital integration, security, or maintenance, repair and overhaul, our customers count on us for on-target solutions that increase efficiency, reduce costs, improve readiness, and strengthen national security. Vectrus is headquartered in Colorado Springs, Colo., and includes about 8,100 employees spanning 205 locations in 28 countries. In 2021, Vectrus generated sales of $1.8 billion. For more information, visit the company’s website at www.vectrus.com or connect with Vectrus on Facebook, Twitter, and LinkedIn.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

An Excellent Quarter. Driven by outstanding results in the INDOPACOM region, V2X reported excellent results for 1Q23. With the Talisman exercise moving “to the left,” INDOPACOM revenue increased 300% year-over-year and 18% sequentially. Continued expansion on existing programs, contribution from new awards, and successful re-competes, all added to top line growth.

1Q23 Results. Revenue came in at $943.5 million, up 12% y-o-y on a pro forma basis, and exceeded our $830 million estimate. Adjusted EBITDA was $68 million, or a 7.2% margin, compared to our estimate of $54.8 million. Adjusted diluted EPS was $0.80 versus our projection of $0.62.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Kratos Defense & Security (KTOS) – Solid 1Q23 Results; Growth Opportunities Expanding

Posted on by cpereira@noblefcm.com


Monday, May 08, 2023

Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms, and systems for United States National Security related customers, allies, and commercial enterprises. Kratos is changing the way breakthrough technologies for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research, and streamlined development processes. At Kratos, affordability is a technology, and we specialize in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training and combat systems and next generation turbo jet and turbo fan engine development. For more information go to www.kratosdefense.com.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

1Q23 Results. Results came in at the high end of guidance. Revenue totaled $231.8 million, up 18.1% y-o-y. Organic growth was 12%. Adjusted EBITDA came in at $17 million, up from $13.8 million in 1Q22. GAAP EPS loss was $0.05 and adjusted EPS net income was $0.06, compared to a net loss of $0.13 and adjusted EPS of $0.04, respectively, a year ago. We had forecasted $220 million, $15.5 million, $(0.03), and $0.07, respectively.

Expanding Opportunity Set. Kratos’ opportunity set continues to expand. As part of the 5-year defense spend plan, the USAF has requested approximately $6 billion reflecting an increased prioritization with it being reported that the Air Force is looking to ultimately procure up to 2,000 drone systems. The Navy has been reported as stating they envision up to 60% of the future Navy Air Wing being comprised of drones.


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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Haynes International (HAYN) – Favorable Outlook Driven by a Strong Order Backlog

Posted on by cpereira@noblefcm.com


Friday, May 05, 2023

Haynes International, Inc. is a leading developer, manufacturer and marketer of technologically advanced, nickel and cobalt-based high-performance alloys, primarily for use in the aerospace, industrial gas turbine and chemical processing industries.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Second quarter financial results. Second quarter net income increased 45.6% to $12.3 million, or $0.96 per share (EPS), compared to the prior year period and rose 59.6% compared to the first quarter of fiscal year 2023. We had forecast net income of $12.9 million or $1.02 per share. Revenues of $152.8 million increased 30.5% on a year-over-year basis and grew 15.2% compared to the prior quarter. The estimated impact from raw material volatility during the quarter resulted in a $1.7 million headwind that compressed gross margin by 1.1% to 20.2%. Gross profit of $30.9 million was modestly higher than our estimate of $30.1 million although SG&A and interest expenses were also greater than our projections.

Growing order backlog. Orders during the quarter resulted in a record backlog of $446.7 million as of March 31 and represented a 9.4% increase compared to the prior quarter and a 59.2% increase on a year-over-year basis. Backlog pounds increased 3.9% during the second quarter to approximately 14.1 million pounds and increased 33.1% compared to the prior year period driven by strong demand in the aerospace and industrial gas turbine markets.


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Kratos Defense & Security (KTOS) – Another Award

Posted on by cpereira@noblefcm.com


Monday, April 10, 2023

Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms, and systems for United States National Security related customers, allies, and commercial enterprises. Kratos is changing the way breakthrough technologies for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research, and streamlined development processes. At Kratos, affordability is a technology, and we specialize in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training and combat systems and next generation turbo jet and turbo fan engine development. For more information go to www.kratosdefense.com.

Joe Gomes, Managing Director – Generalist Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

New Award. On Friday, the Department of Defense, through its daily contract award release, announced Kratos Unmanned Aerial Systems has been awarded a shared $400 million ceiling, indefinite-delivery/indefinite-quantity contract for research and development for the Advanced Aerospace Systems Technology Research (AASTR) program. This contract has multiple awardees to be awarded at different dates. Work under the contract is expected to be complete by April 7, 2030.

What is AASTR? The primary objective of the program is to conduct research toward the development, demonstration, integration, and transition of new aerospace vehicle technologies, designs, and integrated systems that will provide advanced capabilities to the Department of the Air Force. The program will support the Aerospace Systems Directorate’s core competency areas of Aerospace Vehicles; Control Sciences; High Speed Systems; Turbine Engines; and Systems Integration and Flight Test.


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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

V2X, Inc. (VVX) – A $440 Million Contract from the Navy

Posted on by cpereira@noblefcm.com


Thursday, April 06, 2023

For more than 70 years, Vectrus has provided critical mission support for our customers’ toughest operational challenges. As a high-performing organization with exceptional talent, deep domain knowledge, a history of long-term customer relationships, and groundbreaking technical expertise, we deliver innovative, mission-matched solutions for our military and government customers worldwide. Whether it’s base operations support, supply chain and logistics, IT mission support, engineering and digital integration, security, or maintenance, repair and overhaul, our customers count on us for on-target solutions that increase efficiency, reduce costs, improve readiness, and strengthen national security. Vectrus is headquartered in Colorado Springs, Colo., and includes about 8,100 employees spanning 205 locations in 28 countries. In 2021, Vectrus generated sales of $1.8 billion. For more information, visit the company’s website at www.vectrus.com or connect with Vectrus on Facebook, Twitter, and LinkedIn.

Joe Gomes, Managing Director – Generalist Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

A New Award. Yesterday, V2X was awarded a maintenance contract from the U.S. Navy to provide aircraft maintenance support for Naval Test Wing Pacific (NTWP) VX-30 and VX-31 at Point Mugu, CA and China Lake, CA. The maintenance will consist of flightline maintenance, logistics, and technical support for the two weapons development and test squadrons. The contract is for $440 million and has a seven year period that will end in 2030.

Expanding into the Navy. The specific contract awarded yesterday is the sister to the contract given by the Navy towards Naval Test Wing Atlantic, awarded in April of 2022, also won by Vertex. With the merger of Vertex and Vectrus, the Navy accounted for 24.7% of total revenue for 2022. With both Naval Test Wings contracted under V2X along with a stronger revenue base towards the Navy following the merger, we believe V2X is well positioned to continue to win additional work with the Navy.


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

V2X, Inc. (VVX) – A Promising Future, Solid End to 2022

Posted on by cpereira@noblefcm.com


Monday, March 06, 2023

For more than 70 years, Vectrus has provided critical mission support for our customers’ toughest operational challenges. As a high-performing organization with exceptional talent, deep domain knowledge, a history of long-term customer relationships, and groundbreaking technical expertise, we deliver innovative, mission-matched solutions for our military and government customers worldwide. Whether it’s base operations support, supply chain and logistics, IT mission support, engineering and digital integration, security, or maintenance, repair and overhaul, our customers count on us for on-target solutions that increase efficiency, reduce costs, improve readiness, and strengthen national security. Vectrus is headquartered in Colorado Springs, Colo., and includes about 8,100 employees spanning 205 locations in 28 countries. In 2021, Vectrus generated sales of $1.8 billion. For more information, visit the company’s website at www.vectrus.com or connect with Vectrus on Facebook, Twitter, and LinkedIn.

Joe Gomes, Managing Director – Generalist Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

4Q22 Operating Results. In 4Q22, V2X grew revenue 20% on a pro forma basis to $978.2 million driven by new business wins, successful re-competes, and expansion of core programs. The Company reported a GAAP net loss of $10.6 million, or a loss of $0.35 per share, driven by costs related to the merger. On an adjusted basis, net income totaled $28.9 million, or EPS of $0.92. Adjusted EBITDA totaled $79.3 million for an 8.1% margin.

INDOPACOM Strong. Revenue in INDOPACOM grew sevenfold in the fourth quarter to $54 million from continued expansion and growth at Kwajalein and the Philippines. With an expanded presence in the region and increased funding to support the Pacific Deterrence Initiative, we expect revenues from INDOPACOM to continue to grow.


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Kratos Defense & Security (KTOS) – Building Momentum

Posted on by cpereira@noblefcm.com


Monday, February 27, 2023

Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms, and systems for United States National Security related customers, allies, and commercial enterprises. Kratos is changing the way breakthrough technologies for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research, and streamlined development processes. At Kratos, affordability is a technology, and we specialize in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training and combat systems and next generation turbo jet and turbo fan engine development. For more information go to www.kratosdefense.com.

Joe Gomes, Managing Director – Generalist Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

4Q22 Results. Revenue totaled $249.3 million, up 17.8% y-o-y, and at the upper end of the $231-$251 million guidance. Organic growth was 4.1%. Adjusted EBITDA came in at $19.2 million, at the lower end of guidance, versus $23.4 million a year ago. GAAP EPS loss was $0.07 and adjusted EPS net income was $0.08, compared to a net loss of $0.02 and adjusted EPS of $0.11, respectively, a year ago.

Building Momentum. We believe 2023 will be a transformative year for Kratos as programs will be transitioning from development RDT&E or LRIP to funded programs, contracts, or full rate production, driving greater revenue and cash flow.


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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Release – V2X to Announce 2022 Fourth Quarter and Full Year Financial Results

Posted on by aweinsoff@channelchek.com

Research News and Market Data on VVX

Company Release – 2/15/2023

MCLEAN, Va., Feb. 15, 2023 /PRNewswire/ — V2X, Inc., (NYSE: VVX), a leading provider of critical mission solutions and support to defense clients globally, will report 2022 fourth quarter and full year financial results on Thursday, March 2, 2023, after market close. Senior management will conduct a conference call at 4:30 p.m. ET that same day.

U.S.-based participants may dial in to the conference call at 877-506-6380, while international participants may dial 412-542-4198. A live webcast of the conference call as well as an accompanying slide presentation will be available on the V2X Investor Relations website at http://investors.vectrus.com.

A replay of the conference call will be posted on the V2X website shortly after completion of the call and will be available for one year. A telephonic replay will also be available through March 16, 2023, at 844-512-2921 (domestic) or 412-317-6671 (international) with passcode 10174938.  

ABOUT V2X
V2X is a leading provider of critical mission solutions and support to defense clients globally, formed by the 2022 merger of Vectrus and Vertex to build on more than 120 combined years of successful mission support. The Company delivers a comprehensive suite of integrated solutions across the operations and logistics, aerospace, training and technology markets to national security, defense, civilian and international clients. Our global team of approximately 14,000 employees brings innovation to every point in the mission lifecycle, from preparation, to operations, to sustainment, as they tackle the most complex challenges with agility, grit and dedication.

Contact Information

Mike Smith, CFA
michael.smith@vectrus.com
(719) 637-5773

View original content to download multimedia:https://www.prnewswire.com/news-releases/v2x-to-announce-2022-fourth-quarter-and-full-year-financial-results-301747904.html

SOURCE V2X, Inc.

Kratos Defense & Security (KTOS) – $49.6 Million Contract for Unmanned Targets

Posted on by cpereira@noblefcm.com


Wednesday, February 01, 2023

Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms, and systems for United States National Security related customers, allies, and commercial enterprises. Kratos is changing the way breakthrough technologies for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research, and streamlined development processes. At Kratos, affordability is a technology, and we specialize in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training and combat systems and next generation turbo jet and turbo fan engine development. For more information go to www.kratosdefense.com.

Joe Gomes, Managing Director – Generalist Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

BQM-177A Targets. Last night, the Department of Defense announced it has awarded Kratos a $49.6 million firm-fixed-price contract for the production and delivery of 55 full rate production Lot 4 BQM-177A Surface Launched Aerial Targets. Included in the award are 55 rocket assisted takeoff attachment kits, 277 mission kits, and associated technical and administrative data. The work is being conducted for the U.S. Navy, as well as the governments of Canada and Australia. The contract is expected to be completed in April 2024.

Valkyrie Flying at Eglin. Eglin Air Force Base recently conducted an operational experimentation test flight of the Valkyrie. Recall, this past fall, two government-owned Kratos XQ-58A Valkyries were transferred to Eglin. Notably, Eglin is an Air Force base as opposed to the Yuma Proving Ground, were the majority of the Valkyrie testing has been done, which is operated by the Army. The resources available at Eglin are a major reason XQ-58A testing found a new home at the base. The Eglin Range communications support infrastructure will allow engineers at the ground station in the Central Control Facility to monitor the vehicle’s performance during flight.


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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Kratos Defense & Security (KTOS) – Mayhem, and More

Posted on by cpereira@noblefcm.com


Wednesday, January 11, 2023

Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms, and systems for United States National Security related customers, allies, and commercial enterprises. Kratos is changing the way breakthrough technologies for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research, and streamlined development processes. At Kratos, affordability is a technology, and we specialize in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training and combat systems and next generation turbo jet and turbo fan engine development. For more information go to www.kratosdefense.com.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Mayhem. Yesterday, Kratos stated that it received a contract from its prime teammate and partner Leidos to support the Expendable Hypersonic Multi-Mission ISR and Strike Program, known as Mayhem. This new contract award will support the Air Force Research Laboratory’s development of an air-breathing hypersonic weapon system over its initial 51-month period of performance.

What Is Mayhem? The Mayhem program is focused on delivering a larger class air-breathing hypersonic system capable of executing multiple missions with a standardized payload interface, providing a significant technological advancement and future capability, according to the Department of Defense. The initial task award is $24 million, with a program cap of $334 million.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Kratos Defense & Security (KTOS) – Selected for Symphony Engine Design Team

Posted on by cpereira@noblefcm.com


Wednesday, December 14, 2022

Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms, and systems for United States National Security related customers, allies, and commercial enterprises. Kratos is changing the way breakthrough technologies for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research, and streamlined development processes. At Kratos, affordability is a technology, and we specialize in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training and combat systems and next generation turbo jet and turbo fan engine development. For more information go to www.kratosdefense.com.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Symphony Design Team. Kratos announced its Florida Turbine Technologies (FTT) unit has been chosen as the engine design team for the Boom Supersonic-led collaboration on Symphony, a new propulsion system to be designed and optimized for Boom’s Overture supersonic airliner.

Who Is Boom? Founded in 2014, Boom Supersonic is transforming air travel with Overture, the world’s fastest airliner, optimized for speed, safety, and sustainability. Designed to carry 65-80 passengers, the first Overture is projected to rollout in 2026. Overture’s order book, including purchases and options from American Airlines, United Airlines, and Japan Airlines, stands at 130 aircraft.


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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

V2X, Inc. (VVX) – A Strong Start to the Merged Company

Posted on by cpereira@noblefcm.com


Thursday, November 10, 2022

For more than 70 years, Vectrus has provided critical mission support for our customers’ toughest operational challenges. As a high-performing organization with exceptional talent, deep domain knowledge, a history of long-term customer relationships, and groundbreaking technical expertise, we deliver innovative, mission-matched solutions for our military and government customers worldwide. Whether it’s base operations support, supply chain and logistics, IT mission support, engineering and digital integration, security, or maintenance, repair and overhaul, our customers count on us for on-target solutions that increase efficiency, reduce costs, improve readiness, and strengthen national security. Vectrus is headquartered in Colorado Springs, Colo., and includes about 8,100 employees spanning 205 locations in 28 countries. In 2021, Vectrus generated sales of $1.8 billion. For more information, visit the company’s website at www.vectrus.com or connect with Vectrus on Facebook, Twitter, and LinkedIn.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

3Q22 Operating Results. In the first quarter as a combined entity, V2X reported strong results. Revenue of $958.2 million was up 10% year-over-year. Both the legacy Vectrus and Vertex businesses grew in the 10% y-o-y range. We had projected revenue of $855 million. The Company reported a GAAP net loss of $17 million, or a loss of $0.56 per share, driven by costs related to the merger. On an adjusted basis, net income totaled $40.2 million, or EPS of $1.33. We had projected adjusted EPS of $0.81. Adjusted EBITDA totaled $79 million for an 8.2% margin.

Drivers. The strong operating results were driven by continued expansion on existing business and the phase-in of new awards. Notably, year-over-year organic growth for the legacy Vectrus was approximately 10% in the quarter, driven by performance in INDOPACOM, growth on LOGCAP, contribution from Fort Benning as well as volume associated with rapid response and contingency support. 


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.