Vectrus Recorded $3B in Total Backlog, 15% Revenue Growth in 2018; Chuck Prow Quoted

Chuck Prow

Vectrus (NYSE: VEC) saw its full-year 2018 revenue grow 15 percent to $1.3B and ended the year with $3B in total backlog.

The Colorado Springs, Colo.-based government services contractor said Tuesday it recorded $48.3M in 2018 operating income with diluted earnings per share of $3.10 and $40M in net cash provided by operating activities for the year.

Chuck Prow, president and CEO of Vectrus, said the company was able to expand its geographic and client footprint through several contract wins in 2018.

“We continued to advance our Air Force growth campaign and in 2018 grew our revenue with this important client by almost 50%,” he noted.

He mentioned some of the contracts secured by Vectrus in 2018, including an $84M contract for maintenance services at Sheppard Air Force Base in Texas and a potential two-year, $60M task order for base operations support at Naval Station Guantanamo Bay in Cuba.

Prow, a 2019 Wash100 winner, noted the company received a notification on Jan. 17 from the U.S. government about the latter’s intent to extend the Kuwait Base Operations and Security Support Services contract through March 28, 2020 with an additional option term of six months, which will run through Sept. 28, 2020.

The company expects its 2019 revenue to reach $1.3B to $1.33B with net income of $35.3M to $40.4M and operating margin at 3.8 percent to 4.2 percent.

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