PAE (Nasdaq: PAE) reported $748.6 million in revenue for the first quarter of its 2021 fiscal year, up 21.3 percent from the prior year period.
The company attributed the $131.3 million increase to acquisition-related revenue of $88.8 million and contract awards worth $42.5 million.
Charlie Peiffer, interim president and CEO of PAE, said the company saw its organic revenue for the quarter grow 7 percent. Pfeiffer stepped into the dual-role March 19 while serving as full-time chief financial officer of the Falls Church, Virginia-based government contractor.
PAE posted $292 million in Q1 bookings and $55.4 million in cash flow from operations.
Revenues in the company’s national security solutions and global mission services business units rose by about $67.2 million and $64.1 million, respectively.
The NSS segment’s quarterly operating income came in at $11.4 million while the GMS sector’s operating income reached $24.5 million.
Net income of the company declined from $26 million to $13.4 million year-over-year due to warrant-related changes.