In this last full week before a most unusual election, the evolving narrative of a re-shaping government contracting landscape added more chapters as this week’s assortment of stories GovCon Wire covered show.
To start, a group that noted market observer Bob Kipps described to GovCon Wire as the “non-traditional” buyer gained a new member in the form of our country’s largest military shipbuilder Huntington Ingalls Industries.
HII announced Wednesday its $380 million buy of Camber Corp. and subsequent creation of a new $1 billion government services segment in efforts to diversify revenue and generate additional cash flow for shareholder return.
Huntington Ingalls executives spoke to Wall Street the next morning to discuss both third quarter results and explain the company’s push into government services during a year that has seen other large defense primes exit that part of the larger GovCon market.
Harris Corp. posted a top- and bottom-line second quarter “Street Beat” and in a more significant development the military radio maker said Tuesday it will sell the CapRock maritime communications business for $425 million to SpeedCast.
Leidos, now the largest GovCon services company, lifted full-year earnings and revenue guidance in the company’s first financial statement since the blockbuster merger with Lockheed Martin’s former IT business.
Finally, ManTech announced Thursday it has elevated Chief Financial Officer Kevin Phillips to the president and chief operating officer roles and he will be succeeded as CFO by current deputy finance chief Judy Bjornaas with both appointments to take effect Nov. 7.
Phillips described his new role to investors Thursday in ManTech’s third quarter earnings call, plus offered an outlook GovCon’s current acquisition environment and how it could shape itself post-election.
In short, what a week this was. And what a week this coming one will be.
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