VEC - Vectrus (VEC) - Solid First Quarter Results Set the Table for 2022

1Q22 Results. Revenue of $456.5 million was up 5.2% y-o-y and above our $427 million estimate, with the revenue beat due to the pull forward of some business. Adjusted EBITDA margin of 4% continued to be impacted by the phase-in of new awards and pass through content. Adjusted EPS in the quarter was $1.01 versus $1.20. We had estimated $0.77.Kwajalein. Vectrus was able to transition to full operational control of Kwajalein a full six weeks from original expectations. Not only did this add to first quarter results, but several of the functions being provided are additive to the Company's core O&M offerings and will provide a path to pursue adjacent and expanded opportunities with clients in the future. Read More >>