Welcome to our dedicated page for V2X news (Ticker: VVX), a resource for investors and traders seeking the latest updates and insights on V2X stock.
V2X, Inc. (NYSE: VVX) is a premier U.S.-based company providing vital services to the U.S. government and international clients. Formed by the merger of Vectrus and Vertex, V2X brings a combined 120 years of successful mission support, specializing in integrating physical and digital infrastructure. Headquartered in McLean, Virginia, the company operates globally with a workforce of approximately 16,000 employees dedicated to tackling complex challenges with agility and commitment.
V2X delivers a comprehensive suite of services that include facility and logistics solutions, information technology mission support, and engineering and digital integration services. The company's technical expertise encompasses communications systems operations and maintenance, system-of-systems engineering, software development, and extensive mission support capabilities for the Department of Defense (DoD).
The company's facility and logistics services are extensive, covering airfield management, civil engineering, emergency services, life support activities, and more. V2X's information technology and network communications capabilities ensure robust systems installation, activation, and maintenance, vital for the operational readiness of the DoD.
V2X has shown strong financial performance, demonstrated by a series of recent achievements. In early 2024, the company was awarded a $190 million contract from the U.S. Army to support the USARCENT Training and Range Operations Maintenance Services Contract. This contract underscores V2X's commitment to enhancing warfighter readiness with advanced Training Aids, Devices, Simulators, and Simulations (TADSS).
In the fourth quarter of 2023, V2X reported significant financial results, including record revenue and notable cash generation. The company achieved a backlog of approximately $13 billion, with a robust pipeline of future opportunities valued at $15 billion. These figures highlight V2X's robust market position and its ability to deliver long-term growth and value for shareholders.
V2X's commitment to innovation is further evidenced by its contracts to provide threat detection and response solutions to Chemical, Biological, Radiological, and Nuclear (CBRN) hazards. The company secured $75 million in new projects to lead the CBRN Support to Command and Control (CSC2) program and modernize threat warning systems. Additionally, V2X was awarded an $88 million contract to support Navy communications systems in the Pacific, extending through October 2029.
V2X is also a prime contractor for the U.S. Navy's Global Contingency Services Multiple Award Contract III (GCSMAC III), valued at up to $2 billion. This contract enables the company to provide critical support for a wide range of scenarios, including natural disasters, humanitarian efforts, and military actions.
Overall, V2X continues to demonstrate its ability to deliver comprehensive lifecycle solutions that improve security, streamline logistics, and enhance readiness. The company's strategic focus on expanding its capabilities and market reach positions it as a leader in the operational segment of the federal services market, dedicated to empowering clients' mission success through innovative and integrated solutions.
V2X, Inc. (NYSE: VVX) has announced key leadership changes. Jeremy Nance has been appointed as General Counsel, joining the executive team and reporting directly to President and CEO Jeremy C. Wensinger. Nance, who has been with V2X since July 2018, will oversee all legal matters related to the company's operations, transactions, and business practices.
In a related move, Sarita Malakar has been named Corporate Secretary and Sustainability Officer. Malakar, who joined V2X in July 2022, will ensure efficient and compliant operation of the Board of Directors. These appointments follow the departure of Kevin Boyle after six years of service to V2X.
V2X, Inc. (NYSE: VVX) has secured a $747 million contract for F-5 aircraft maintenance, important for training naval pilots in adversary combat tactics and simulation. This single award indefinite-delivery/indefinite-quantity contract emphasizes V2X's role in enhancing military readiness. The company will provide critical support for F-5 Adversary aircraft across multiple U.S. locations. The firm-fixed price contract is set to continue through November 2028, with three one-year options potentially extending it to November 2031. CEO Jeremy C. Wensinger expressed pride in V2X's selection for this vital project, reinforcing their commitment to national defense support.
V2X, Inc. (NYSE: VVX) has secured a $3.7 billion task order to provide readiness capabilities to the U.S. Army worldwide under the Warfighter-Training Readiness Solutions (W-TRS) program. The five-year contract, including option periods, focuses on mission enablement services for the Army's Training Aids Devices Simulations and Simulators (TADSS) network. V2X will deliver a flexible enterprise solution supporting hundreds of thousands of critical devices globally, adapting to evolving warfighter training needs.
This win reinforces V2X's position as a leading provider of full spectrum readiness for the U.S. Army. The company has a long-standing partnership with the Army, supporting two of its four Combat Training Centers and U.S. Army Central Command in Kuwait. V2X's commitment extends to ensuring readiness across all global theaters, strengthening national defense during peacetime and active operations.
V2X, Inc. (NYSE:VVX) reported record revenue of $1.07 billion for Q2 2024, up 10% year-over-year. The company achieved operating income of $27.4 million and adjusted operating income of $65.8 million. However, V2X reported a net loss of $6.5 million, down $8.3 million year-over-year. Adjusted EBITDA was $72.3 million with a margin of 6.7%. The company secured over $4 billion in recent awards, including a new $3.0+ billion contract for next-generation readiness. V2X has raised its full-year revenue guidance while reaffirming Adjusted EBITDA, EPS, and Operating Cash Flow guidance for 2024.
V2X, Inc. (NYSE:VVX) has been awarded a $48.5 million Indefinite Delivery Indefinite Quantity (IDIQ) contract by the U.S. Army for the Gateway Mission Router (GMR). This four-year contract falls under the PEO Soldier portfolio and aims to enhance battlefield communications. The GMR is designed to create a fully converged operational environment by integrating information and assured communications across multiple domains.
The GMR is a rugged and cyber-hardened technology that facilitates real-time situational awareness. It is adaptable for deployment across aviation and ground vehicle platforms, ensuring versatility in various operational scenarios. This contract highlights V2X's commitment to delivering cutting-edge solutions for national defense and positions the company as a key enabler for the Department of Defense's Combined Joint All Domain Command and Control (CJADC2) initiative.
V2X Inc. (NYSE: VVX) has been awarded a $141 million cost-plus-fixed-fee task order to provide engineering support for Command, Control, Communications, Computer, and Intelligence (C4I) systems as part of the Navy's Fleet Systems Engineering Team (FSET) program. The contract, which extends through July 2029 with an option to extend to 2030, continues V2X's 25-year relationship with the U.S. Navy.
V2X will deliver end-to-end C4I systems engineering solutions to the Navy's afloat force, including command ships, ballistic missile defense ships, strike groups, and specific shore facilities. The company will also offer systems engineering and technical innovation for rapid integration of new capabilities to address emerging threats to Navy networks.
V2X, Inc. (NYSE: VVX), a global mission solutions provider, has announced it will release its second quarter 2024 financial results on Tuesday, August 6, 2024, before the market opens. The company will host a conference call at 8:00 a.m. ET on the same day for senior management to discuss the results. U.S. participants can dial 877-506-6380, while international participants can dial 412-542-4198 to join the call.
A live webcast of the conference call and accompanying slide presentation will be available on the V2X website's Investors section. For those unable to attend, a replay of the call will be accessible on the company's website and via telephone until August 20, 2024.
V2X has secured a $265 million contract to support NASA's Johnson Space Center, focusing on the Sonny Carter Training Facility and its Neutral Buoyancy Laboratory (NBL). This contract, extending to 2033, includes maintaining hardware and software systems critical for astronaut training. The NBL is integral to the upcoming Artemis 2 mission set for September 2025, marking a historic lunar mission with the first woman and person of color to visit the moon. V2X will assist in technical support, ensuring the readiness of equipment and software for these important missions. The NBL simulates spacewalks and recovery missions and has recently been upgraded to include a model of the moon's surface.
V2X and its subsidiary VPS have been named in the 2024 Training Industry Top 20 list for Custom Content Development. This marks the 14th consecutive year that VPS has been honored, highlighting their commitment to quality and innovation in corporate learning. VPS has integrated advanced technologies like Interactive Media, AR, VR, and AI into its training solutions and has effectively adapted to distance learning trends.
The recognition underscores VPS's client-centric approach and consistent excellence in service delivery. Executives credit the award to their dedicated team and loyal clients. For more details, visit www.vpslearning.com.
V2X (NYSE: VVX) has successfully repriced and extended its $907 million First Lien Term Loan.
The annual interest margin was lowered by 50 basis points to 2.75%, and the 10-basis point Credit Spread Adjustment was removed from the Secured Overnight Financing Rate.
The maturity of the loan has been extended by two years to December 2030.
Shawn Mural, Senior Vice President and CFO, stated that these changes would lead to significant interest expense savings and lower the overall cost of capital, enhancing shareholder value.
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