---
schema_version: "secwatch.filing_event.v1"
accession: "0000102752-23-000037"
form_type: "8-K"
ticker: "VSEC"
cik: "0000102752"
company_name: "VSE CORP"
filed_at: "2023-05-02T23:59:59+00:00"
generated_at: "2026-06-16T02:26:20.732021+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000102752-23-000037
- form_type: 8-K
- ticker: VSEC
- cik: 0000102752
- company_name: VSE CORP
- filed_at: 2023-05-02T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/102752/000010275223000037/0000102752-23-000037-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/102752/000010275223000037/vsec-20230501.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000102752-23-000037
- JSON: https://secwatch.observer/filing/0000102752-23-000037.json
- Plain text: https://secwatch.observer/filing/0000102752-23-000037.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/102752/000010275223000037/0000102752-23-000037-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.