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V2X Q1 Pro Forma Revenue Up 12%; Chuck Prow Attributes Growth to New Awards, Program Expansion

V2X (NYSE: VVX) reported $943.5 million in revenue during the first quarter of 2023, reflecting a year-over-year increase of 12 percent on a pro forma basis.

The company said Tuesday it ended the quarter with a total backlog of $11.8 billion, of which $2.6 billion was funded.

“Revenue growth in the quarter was generated by continued expansion on existing programs, contribution from new awards, as well as success in securing recompete wins late last year and in early 2023,” said V2X President and CEO Chuck Prow.

V2X secured approximately $600 million in new contracts and about $250 million in recompetes.

Prow, a 2023 Wash100 awardee, said new awards include a potential seven-year, $440 million contract with the Naval Test Wing Pacific for test and evaluation support and a three-year, $100 million contract with a government customer for cybersecurity services.

Recompetes include a five-year,$142 million contract to support mission planning systems of Naval Air Systems Command PMA 281 and a potential five-year, $90 million contract with a national security customer.

The chief executive noted that the company continues to see notable growth in the Indo-Pacific region, which he said serves as a “key channel to support increasing mission requirements.”

The McLean, Virginia-based defense contractor recorded an operating income of $30.6 million for the first quarter, adjusted diluted earnings per share of $0.80 and an adjusted earnings before interest, taxes, depreciation and amortization of $68 million with a margin of 7.2 percent.

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