V2X Delivers Solid First Quarter Results By Investing.com

First Quarter 2024 Summary

• Revenue up 7.1% y/y to $1.01 billion
• Operating income of $30.3 million; adjusted operating income¹ of $62.9 million
• Net income of $1.1 million, up $18.6 million y/y
• Adjusted EBITDA¹ of $69.1 million with a margin¹ of 6.8%
• Diluted EPS of $0.04; Adjusted diluted EPS¹ of $0.90
• Selected to provide technology solutions for threat detection and response to Chemical, Biological, Radiological, & Nuclear hazards
• Awarded position on U.S. Navy’s Global Contingency Services Multiple Award Contract III valued up to $2 billion

2024 Guidance:

• Reaffirming full-year 2024 guidance

MCLEAN, Va., May 7, 2024 /PRNewswire/ — V2X, Inc. (NYSE:VVX) announced first quarter 2024 financial results.

“V2X reported a solid start to 2024 with revenue up 7% year-over-year,” said Chuck Prow, President and Chief Executive Officer of V2X. “Our leading growth indicators remain strong with a robust backlog of $12.6 billion and a pipeline of nearer-term new business opportunities of $25 billion. V2X continues to advance our transformation to deliver enhanced capabilities in an expanding market. Given our first quarter results and trends we are seeing in our business, we are reaffirming our 2024 guidance.”

“We continue to witness growth in the Pacific or INDOPACOM, with our presence in the region proving to be a key channel to support increasing mission requirements,” said Mr. Prow. “Revenue in the region was up 7% year-over-year. We continue to expand our scope of services in the region, which includes a new award to deploy an assured and protected private 5G communications solution and enable smart logistics in the Philippines. Additionally, our position in the Middle East or CENTCOM continues to expand with revenue up 22% year-over-year. As the largest services provider to the Department of Defense in the Middle East, V2X stands ready to support our clients mission requirements.”

Mr. Prow continued, “V2X remains focused on differentiated operational technologies that fuse the digital and physical aspects of our clients’ missions. This differentiation is driving growth and was recently demonstrated through contract awards valued at $75 million to provide technology solutions for threat detection and response to Chemical, Biological, Radiological, and Nuclear (CBRN) hazards. This work expanded from a prototype effort to a new sole source award for the production, upgrade, and fielding of cutting-edge systems at overseas operational locations. Under the contract, V2X is the…