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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