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ManTech Promotes Kevin Phillips & Judy Bjornaas, 3Q Financial Results Top Street Forecast

MantechLogoManTech International (Nasdaq: MANT) said Thursday it has promoted Kevin Phillips to the role of president and chief operating officer after 11 years as chief financial officer, during which the company’s revenue has climbed roughly 58 percent to $1.55 billion as of 2015.

Phillips will be responsible for general management and control of operations at the Fairfax, Virginia-based government services contractor, while Chairman and CEO George Pedersen will continue to oversee the overall strategy and corporate vision that includes the company’s acquisitions and investments.

Chairman and CEO George Pedersen told investors in a subsequent conference call Phillips “has been expanding his overall leadership responsibilities over the last few years”

Judy Bjornaas, former senior vice president and deputy chief financial officer, will elevate to the CFO post at ManTech.

Kevin Phillips
Kevin Phillips

Pedersen said in that call both appointments will take effect Monday after the company makes its quarterly regulatory filing with the Securities and Exchange Commission.

Phillips told investors the company expects to see more acquisition opportunities after the election and current budget cycles as ManTech reported $71 million in cash, no debt and access to $500 million in credit.

“We expect to be aggressive next year. I think there are some good businesses. This year it’s kind of normal. Next year, we expect it to be a little bit above normal, ” Phillips said.

GovCon Index-listed ManTech also lifted the bottom ends and lowered the top portions of its earnings and revenue guidance Wednesday as third quarter results exceeded the consensus Wall Street estimate on both fronts.

ManTech said it expects earnings of $1.45-$1.47 per share versus its prior $1.42 -$1.48 forecast with revenue at $1.59 billion-$1.61 billion compared to the previous $1.58-$1.63 outlook.

Third quarter earnings came in at $0.38 to exceed analysts’ forecasts of $0.35 and net income rose 12.51 percent to $14.66 million.

Revenue increased 5.7 percent to $415.4 million and exceed Wall Street’s consensus estimate of $405.9 million.

As of Wednesday’s close, shares in ManTech have climbed 28.41 percent since the start of the year and added 30.1 percent over 12 months.

The GovCon Index has risen 4.61 percent on a year-to-date basis and is up 2.79 percent for 52 weeks.

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