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Vectrus Reports 24% Rise in Q2 2018 Revenue; Chuck Prow Comments

Chuck Prow

Vectrus (NYSE: VEC) recorded $321 million in revenue for the second quarter of fiscal 2018, up 24 percent from the same period last year.

Chuck Prow, Vectrus president and CEO, said in a statement published Tuesday the revenue increase can be associated with the company’s acquisition of SENTEL and 12 percent growth in its base business.

Vectrus acquired Alexandria, Va.-based SENTEL in January in a move to expand its client base in the intelligence and federal civilian markets as well as grow its information technology, logistics and technical service offerings.

“During the second quarter, Vectrus won new business contracts valued at over $125 million, which builds on our success in the first quarter and brings the total value of our year-to-date new business wins to over $250 million,” noted Prow, a four-time Wash100 winner.

Those awards are firm-fixed-price contracts: an $84 million contract for maintenance services at Sheppard Air Force Base in Texas and a $43 million contract for maintenance support at a U.S. Army base in Stuttgart, Germany.

Vectrus, the Colorado Springs, Colo.-based logistics and IT services contractor, posted $3.3 billion in total backlog and $951 million in funded backlog for the second quarter of this year.

The company recorded $9.2 million in Q2 net income, up from $5.5 million from the same quarter of last year.

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