VSE Corp Announces Acquisition of Turbine Controls, Divestiture of Federal & Defense, and Fleet Strategic Review

VSE CORP

VSE entered definitive agreement to acquire Turbine Controls Inc. for ~$120M (cash and stock), expected Q2 2024.
Completed sale of substantially all Federal & Defense segment assets for $44M cash, including working capital adjustments.
Initiated strategic review of Fleet segment, with Jefferies LLC as financial advisor; may include a sale.
Preliminary Q4 2023 revenue ~$235M, GAAP net income ~$13M, adjusted EBITDA ~$31M from continuing operations.
Full-year 2023 preliminary revenue ~$860M, adjusted EBITDA ~$114M, free cash flow ~$(40)M; provides 2024 guidance.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

VSE CORP updated its fourth quarter and full year ended December 31, 2023 guidance (initiated).

Period: fourth quarter and full year ended December 31, 2023
Guidance: initiated
Result: preliminary results

Exact text from the filing

On February 29, 2024, VSE Corporation (the “Company”) issued a press release reporting its preliminary financial results for the fourth quarter and full year ended December 31, 2023.

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Source: SEC EDGAR

accession 0000102752-24-000008

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