VSE - VSE STOCK NEWS

VSE reported third quarter 2024 results with total revenues of $273.6 million, up 18.3% year-over-year. The Aviation segment achieved record performance with revenue of $203.6 million, a 34% increase. GAAP Net Income was $11.7 million, down 3.8%, while Adjusted EBITDA reached $33.2 million, up 2.6%. The company announced plans to acquire Kellstrom Aerospace for $200 million, expected to close in Q4 2024. VSE increased its full-year 2024 Aviation segment revenue growth guidance to 39-41% while revising Fleet segment guidance to -5% to -10%. The company completed a follow-on equity offering in October 2024, raising approximately $163.8 million to partially fund the Kellstrom acquisition.

VSE announced Q2 2024 results with record revenue for the Aviation segment.

Total revenue rose 29.6% to $266 million. Despite the growth, the company reported a GAAP net loss of $(2.8) million and a GAAP EPS of $(0.16). Adjusted EBITDA increased 18.4% to $31.3 million, and adjusted net income rose 4.5% to $11.0 million.

The Aviation segment boosted revenue by 55% to $192.8 million, with operating income up 55%. Meanwhile, the Fleet segment faced a 9% revenue decline due to the USPS’s transition to a new system.

Strategic updates include scaling the European distribution center, launching an OEM manufacturing program, and integrating new acquisitions. VSE completed a follow-on equity offering in May 2024, raising $162 million to reduce debt and support future acquisitions.

As of June 30, 2024, the company had $194 million in liquidity and reaffirmed its full-year revenue and EBITDA guidance.

VSE (NASDAQ: VSEC) reported record revenue and profitability for its Aviation segment in the first quarter of 2024. Total revenues increased by 28.1% to $241.5 million, with GAAP net income up by 49.0% to $12.1 million. Adjusted EBITDA rose by 36.7% to $32.3 million. The company completed the acquisition of Turbine Controls, Inc., expanding its capabilities in the commercial aviation market. VSE also announced strategic initiatives in its Aviation segment and corporate restructuring activities for 2024.

VSE (NASDAQ: VSEC) announced the appointment of Tarang Sharma as the interim Chief Financial Officer, succeeding Steve Griffin who is leaving the company. VSE is actively searching for a permanent CFO. Griffin will assist in the transition for three months. VSE's President and CEO, John Cuomo, praised Griffin's contributions and expressed confidence in Sharma's ability to lead the financial operations temporarily. The company has a strong succession planning process in place to ensure a smooth transition.

VSE Corporation (VSEC) reports record revenue and profitability for its Aviation segment in the fourth quarter and full year 2023. The company's strong financial performance is attributed to above-market revenue growth, improved profitability, and strategic acquisitions. VSE is well-positioned for growth in 2024 with new investments, acquisitions, and a focus on execution.

VSE Corporation (NASDAQ: VSEC) announces plans to open a new European distribution center in Hamburg, Germany. The VSE Aviation segment has secured 6 new distribution agreements worth approximately $750 million. The agreements, expected to start in Q1 2024, range from 1 to 15 years. The company also plans to open a 45,000 square foot distribution facility in Hamburg in Q1 2023. This move aims to expand global coverage and support for commercial and business aviation distribution aftermarket product lines, including tire, tube, and battery product lines associated with the Desser Aerospace acquisition.

VSE Corporation, a leading provider of aftermarket distribution and MRO services, reported record revenue and profitability for its Aviation segment in the third quarter of 2023. Total revenues increased by 38.2% to $231.4 million, GAAP net income increased by 57.3% to $12.1 million, and adjusted EBITDA increased by 55.6% to $32.3 million. The company raised its full-year revenue guidance for the Aviation segment and expects positive cash flow to accelerate in the fourth quarter.

VSE Aviation expands Honeywell relationship with new agreement to manufacture, repair, and sell over 300 unique Honeywell fuel control systems and subcomponents.

VSE Corporation terminates agreement to sell VSE Federal and Defense segment to Bernhard Capital Partners. No termination fee required. VSE intends to pursue divestiture to accelerate growth strategies. Strong earnings and revenue growth in Aviation and Fleet segments. Third quarter results to be announced soon.