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V2X Reports $958M in Q3 Revenue; Chuck Prow on Growth Opportunities After Vectrus-Vertex Merger

V2X (NYSE: VVX) reported $958.2 million in revenue during the third quarter of 2022 and saw its pro forma revenue climb 10 percent year-over-year to $961.3 million.

The company said Tuesday the quarterly results reflect the contributions of Vectrus between July 1 and end of September and Vertex from July 5 to Sept. 30.

On July 5, Vectrus closed its all-stock merger with The Vertex Company, forming V2X as a new critical-mission platforms and services provider to defense customers worldwide.

Vectrus ended the quarter with a total backlog of $12.7 billion and posted an operating cash flow of $80.1 million for the quarter, adjusted diluted earnings per share of $1.33 and an adjusted earnings before interest, taxes, depreciation and amortization of $79 million with a margin of 8.2 percent.

V2X CEO Chuck Prow said the company continues to make strides in integration and remains on schedule to deliver its cost synergies. He noted that the company is focused on exploring new contract opportunities.

“With limited recompetes and solid revenue visibility, V2X is focusing on capturing new opportunities and contract expansion. Our $20 billion combined pipeline of new business currently submitted and / or expected to be submitted over the next twelve months provides additional opportunity to further grow the business,” said Prow, an eight-time Wash100 awardee.

Furthermore, V2X has identified revenue synergies that are incremental to our current pipeline that are currently being assessed for resource allocation and pursuit,” he added.

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