Wednesday, August 09, 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.
Another Excellent Quarter. Driven by expansion of existing programs, new awards, and recompete wins, V2X reported excellent results for 2Q23. Revenue of $977.9 million was up 10.2% on a pro forma basis, and well above our $905 million forecast. Adjusted EBITDA came in at $76.4 million, versus our $64.5 million estimate. Adjusted diluted EPS was $1.01 compared to our $0.74 estimate.
Opportunity Remains Robust. V2X was awarded approximately $2.1 billion of awards in the quarter, with a book-to-bill of 2.2x. Backlog grew 10% to $13 billion. The Company has $5 billion of bids awaiting award and we believe V2X is well positioned to win its fair share. The overall market opportunity exceeds $160 billion.
Get the Full Report
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
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.