PAE - PAE STOCK NEWS

PAE (NASDAQ: PAE, PAEWW) has been awarded a contract by the Southeastern Conference (SEC) to provide COVID-19 testing services across its 14 university campuses for the fall sports season. Partnering with Premier Medical Group, PAE will deploy test teams for safe sports execution until December 2020, with potential extensions for playoffs. PAE’s experience in managing infectious disease outbreaks, notably in Liberia, positions it well for this role. CEO John Heller emphasized the company's readiness to support SEC athletes and staff with critical testing services.

PAE will participate in the Morgan Stanley Virtual 8th Annual Laguna Conference on September 17, 2020, featuring President and CEO John Heller and CFO Charlie Peiffer in a Q&A session at 3:00 p.m. ET. Interested investors can access the webcast via the PAE Investor Relations website, where an archive will be available for 30 days post-event.

PAE has served the U.S. government for 65 years, providing diverse operational support with around 20,000 employees globally.

PAE and Parsons Corporation's joint venture, DZSP 21 LLC, secured a facility support services contract from the Naval Facilities Engineering Command in Guam worth up to $545.3 million. This contract includes a base period of 12 months and options extending until April 2028. DZSP 21 has been providing services at Joint Region Marianas since 2005, ensuring operational efficiency for military personnel. The contract covers management of military facilities, utilities, and port operations, underscoring PAE's commitment to supporting U.S. military operations.

PAE (NASDAQ: PAE, PAEWW) has entered a teaming agreement with Alion Science and Technology for a task order worth up to $896 million, supporting the U.S. Navy's Integrated Training Environment initiative. This program aims to enhance combat readiness through a multi-domain training platform across various locations. The agreement continues PAE's 35-year commitment to Navy training missions and allows for an expansion of their support across additional sites. The contract includes a base year with options for extension over four additional years.

PAE Incorporated reported second-quarter 2020 revenue of $643.3 million, a 7.5% decline year-over-year, primarily attributed to an estimated $58.5 million revenue impact from COVID-19. Operating income improved to $34.3 million, compared to $26.2 million in the previous year, while net income rose to $16.0 million, or $0.17 per diluted share. Adjusted EBITDA was $48.4 million, accounting for 7.5% of revenue. The company revised its fiscal 2020 guidance, lowering revenue expectations to $2,600 million to $2,700 million due to pandemic-related disruptions.

PAE will hold a webcast and conference call on August 6, 2020, at 8 a.m. ET to discuss its Q2 2020 financial results. A press release with the results will be made available before the call, and an archive of the webcast will be posted on the PAE Investor Relations website.

Listeners can register for email reminders and access a presentation of the results online.

PAE has appointed Jerry Blixt as account director, focusing on enhancing partnerships and service solutions for the National Geospatial-Intelligence Agency and National Reconnaissance Office. Blixt brings 30 years of experience in the intelligence community, having held key roles at several agencies and companies. His leadership is expected to bolster PAE’s National Security Solutions division and improve customer engagement. The company continues to deliver services to the U.S. government and allies globally, aided by a workforce of around 20,000.

PAE has been awarded a contract by the Naval Facilities Engineering Command Far East to provide HVAC services at U.S. Marine Corps Air Station Iwakuni in Japan. The agreement has a total estimated value of $25.1 million, with a one-year base period and three additional one-year options. This contract underscores PAE's robust engineering capabilities and its historical presence in Japan, where it has provided critical services for 65 years. The company will manage all aspects of HVAC maintenance, testing, and installation for facilities at the air station.

PAE has secured a task order from the U.S. Defense Threat Reduction Agency with a potential value exceeding $16.6 million over three years. This award reinforces PAE's expertise in counterproliferation, with plans to deliver up to 47 training events per year focused on dismantling weapons of mass destruction smuggling networks. The company has a 12-year history of collaboration with DTRA and aims to enhance global maritime security through the International Counterproliferation Program and Proliferation Security Initiative.