VSE Q1 revenue $255.4M (+10.5%); raises Aviation guidance, sells Federal & Defense for up to $100M

VSE CORP

2023-Q1 EPS reported $0.71 revenue$255,433,000

GAAP EPS $0.71 (+44.9%), adjusted EPS $0.83 (+15.3%); total revenues $255.4M, up 10.5% YoY.
Aviation segment revenue record $113.2M (+21% YoY); segment EBITDA margin expanded 5.1 pts to 16.8%.
Announces definitive sale of Federal & Defense segment to Bernhard Capital Partners for up to $100M; close expected late 2023/early 2024.
Raises Aviation FY2023 revenue growth guidance to 10-15% (from 7-15%) and EBITDA margin to 13-15% (from 12-14%).
Net proceeds from sale to reduce borrowings and fund tuck-in acquisitions in Aviation segment.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

VSE CORP reported the first quarter ended March 31, 2023 results: revenue $255.4 million, net income GAAP Net Income of $9.1 million, EPS GAAP EPS (Diluted) of $0.71. Guidance raised.

Period: the first quarter ended March 31, 2023
Revenue: $255.4 million
Net income: GAAP Net Income of $9.1 million
EPS: GAAP EPS (Diluted) of $0.71
Guidance: raised
Result: reported results

Exact text from the filing

for commercial and government markets, announced today results for the first quarter 2023. FIRST QUARTER 2023 RESULTS (As compared to the First Quarter 2022) ▪ Total Revenues of $255.4 million increased 10.5% ▪ GAAP Net Income of $9.1 million increased 46.0% ▪ GAAP EPS (Diluted) of $0.71 increased 44.9% ▪ Adjusted EBITDA of $26.3 million increased 18.5% ▪ Adjusted Net

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Source: SEC EDGAR

accession 0000102752-23-000037

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