Vectrus (NYSE: VEC) — one of 30 companies listed in Executive Mosaic’s GovCon Index — has issued earnings and revenue guidance for 2016 with the midpoint outlooks respectivelyÂ below and level the consensus Wall Street forecast on continued declines in sales for programs based in Afghanistan.
The Colorado Springs-based information technology and communications services contractor’s outlook forecastsÂ 2016Â in the range of $1.94-to-$2.31 with a $2.12 midpoint compared to the $2.16 average analyst estimate.
Vectrus projects revenue atÂ between $1.11 billion and $1.19 billion with a $1.15 billion midpoint, in line with Wall Street’s expectation.
Afghanistan-based program sales fell 37.96 percent year-over-year to $167.65 million in 2015 to represent approximately 14 percent of the company’s overall sales.
The company plans to invest in its “core business” of information technology and communications services over the next two-to-three years, CEO Ken Hunzeker told investors.
Earnings for the full 2015 period came in at $2.23 per share with fourth quarter EPS atÂ 55 cents to exceed analyst forecasts for both periodsÂ by 1 cent respectively.
ProfitÂ over 12 months totaled $24.19 millionÂ to register a 19.34-percent year-to-year declineÂ and fourth quarter net income was $5.94 million to post a 66.85-percent increase from the prior year period.
FullÂ 2015Â revenue declined 1.91 percent year-over-year toÂ $1.18 billion versus the consensus Wall Street outlook of $1.17 billion and fourth quarter sales rose 8.9 percent from theÂ same timeframe last yearÂ to $311.19 millionÂ and topÂ analysts’ expectationsÂ by $7.92 million.
As of Tuesday’s close, shares in Vectrus have fallen 4.64 percent since the start of the year and are downÂ 37.81 percent over 12 months.