Chuck Prow, CEO of Vectrus (NYSE: VEC) and an eight-time Wash100 winner, attributed the 5.2 percent year-over-year growth in the company’s fiscal 2022 first-quarter revenue partly to its continued phase-in work under the U.S. Army’s Logistics Civilian Augmentation Program V.
The Colorado Springs-based government services contractor said sales during the most recent quarter amounted to $456.5 million, compared with $434 million in the same period a year ago.
Prow noted that the company transitioned to full operational status on LOGCAP V efforts at Kwajalein Atoll in the Marshall Islands more than one month ahead of schedule.
“Adjusted EBITDA for the quarter was $18.2 million or 4.0% margin as we work through program efficiencies in the early phases of LOGCAP V implementation,” he added.
In its Q1 financial statement, Vectrus reported it began operations support at Fort Benning in Georgia as part of a $250 million Army task order and entered the final phase of a U.S. Navy project to develop a 5G warehouse application at Naval Base Coronado.
The company expects to report $1.82 billion-$1.86 billion in revenue and $4.57-$4.93 earnings per share for 2022.