VSE posts Q2 record revenue $205.2M (+20.9%); GAAP EPS $0.78, adjusted $0.82; raises FY23 guidance

VSE CORP

2023-Q2 EPS reported $1.40 revenue$393,810,000

Aviation segment revenue $124.7M (+19%) and Fleet $80.5M (+24%), both segment records.
Raising FY23 revenue growth guidance: Aviation to 25-30% (from 10-15%) and Fleet to 20-25% (from 12-20%).
Completed follow-on equity offering of 2.475M shares at $48.50, net $112.7M, used to repay revolver.
Acquired Desser Aerospace for $94M net; sold Federal & Defense segment for up to $100M, expected close late 2023/early 2024.
Net leverage 3.7x; expects below 3.5x by Q3; maintains positive free cash flow outlook for H2 2023.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

VSE CORP reported the second quarter ended June 30, 2023 results: revenue $205.2 million, net income $10.1 million, EPS $0.78. Guidance raised.

Period: the second quarter ended June 30, 2023
Revenue: $205.2 million
Net income: $10.1 million
EPS: $0.78
Guidance: raised
Result: reported results

Exact text from the filing

VSE Corporation Announces Second Quarter 2023 Results Record Revenue for Aviation and Fleet Segments Raising Full-Year Revenue Guidance and Maintaining Positive Second-Half Free Cash Flow ALEXANDRIA, VIRGINIA, July 26, 2023 - VSE Corporation (NASDAQ: VSEC, "VSE", or the "Company"), a leading provider of aftermarket distribution and maintenance, repair and overhaul ("MRO") services for air, land and sea transportation assets for commercial and government markets, announced today results for the second quarter 2023. SECOND QUARTER 2023 RESULTS 1 (As compared to the Second Quarter 2022; excludes discontinued operations of Federal & Defense segment) ▪ Total Revenues of $205.2 million increased 20.9% ▪ GAAP Net Income of $10.1 million increased 112.2% ▪ GAAP EPS (Diluted) of $0.78 increased 110.8% ▪ Adjusted EBITDA of $26.5 million increased 44.3% ▪ Adjusted Net Income of $10.6 million increased 58.7% ▪ Adjusted EPS (Diluted) of $0.82 increased 57.7%

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Source: SEC EDGAR

accession 0000102752-23-000076

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