PAE’s Q1 Revenue Up 21.3% on Acquisitions, Contract Awards; Charlie Peiffer Quoted

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.

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