ManTech Tops Street’s 2Q Earnings Forecast, Reports 19% Profit Jump

MantechLogoManTech International (Nasdaq: MANT) reported second quarter earnings Wednesday that topped the consensus analyst estimate in part on task order awards for cybersecurity support services to federal agencies.

GovCon Index-listed ManTech said second quarter earnings came in at 39 cents per share versus Wall Street’s forecast of 35 cents and the company also adjusted full-year EPS guidance to $1.42-$1.48 from the prior $1.38-$1.47 forecast.

Net income for the Fairfax, Virginia-based government services contractor climbed 18.71 year-over-year to $14.78 million, while total revenue for ManTech rose 4.41 percent from the same period in 2015 to $401.35 million.

ManTech said organic revenue increased 1.5 percent year-over-year when excluding $12 million in sales contributions from the cybersecurity services contractor Oceans Edge Cyber acquired in June.

Wall Street analysts expected ManTech to report $402.46 million in second quarter sales.

The company reported two task orders worth $110 million combined signed in the second quarter to support the Department of Homeland Security‘s Continuous Diagnostics and Mitigation program for vulnerability scans and defense of federal civilian computer networks.

ManTech changed full-year net income guidance to $54.6 million-$57 million from the previous $52.5 million-$55.9 million outlook and revenue to a $1.58 billion-$1.63 billion range from the prior $1.57 billion-$1.67 billion forecast.

Wall Street analysts have forecasted ManTech to report full-year earnings of $1.45 per share with revenue of $1.62 billion.

As of Wednesday’s close, shares in ManTech have climbed 30.59 percent since the start of the year and are up 32.85 percent over 12 months as the GovCon Index has added 7.86 percent year-to-date and 9.93 percent for 52 weeks.

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