NASDAQ$VSEC
VSE Corporation · Q1 2021 earnings
Q1 2021 earnings · · Investor relations
Briefing
VSE Corporation's financial performance in Q1 2021 reflected a mix of revenue decline and net income increase, driven by strategic growth initiatives and market dynamics.
VSE Corporation reported a 7.0% decrease in total revenues to $165.0 million, but a 53.4% increase in GAAP net income to $5.1 million. The company's Fleet segment revenue increased, while Aviation segment revenue declined due to the impact of the COVID-19 pandemic. The company focused on business transformation initiatives and secured new contract awards.
- Total revenues decreased by 7.0% to $165.0 million compared to the same period last year.
- GAAP Net Income increased by 53.4% to $5.1 million.
- Fleet segment revenue increased by 2.9% year-over-year.
- Aviation segment revenue declined by 12.0% year-over-year, excluding divested assets.
Headline financials
Revenue & EPS history
VSE · Revenue · Quarterly
$165M
Revenue by segment
VSE · $61M total across 1 segment · Q4 2019
- Aviation$61M+42.3%100.0%
Forward guidance
VSE anticipates significant returns on recent business wins and working capital investments in new inventory during 2021 in 2022 and beyond. Disciplined balance sheet management remains a priority and the company anticipates ending 2021 in a similar leverage position as compared to 2020, targeting a long-term net leverage ratio of 2.5x.
Tailwinds
- Aviation segment distribution revenue returned to pre-pandemic levels during the first quarter.
- VSE anticipates an increase in B&GA and commercial domestic travel will lead the recovery, creating new opportunities for our business as traffic levels improve into 2022.
- VSE remains well-capitalized to support the ongoing growth of the business.
- Significant returns on recent business wins will be seen in 2022 and beyond.
- Disciplined balance sheet management remains a priority.
Headwinds
- New business wins will require working capital investments in new inventory during 2021.
- Revenue passenger miles remain below historical levels.
- Total revenues of $165.0 million declined 7.0%.
- Adjusted Net Income of $5.3 million declined 45.6%.
- Adjusted EBITDA of $15.6 million declined 31.5%.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2021
+1.9%
Avg return
Earnings day
+0.5%
Avg return
5 days after
+2.2%
Avg return
30 days after
49%
32 / 65 earnings
Positive
+34.8%
Q3 2015
Best reaction
-20.5%
Q4 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -3.1% | -9.5% | -9.4% | |
| Q4 2025 | +3.0% | -1.3% | -22.2% | |
| Q3 2025 | -1.3% | -1.0% | -1.4% | |
| Q1 2025 | +7.9% | +11.3% | +13.2% | |
| Q4 2024 | +16.7% | +14.8% | +15.5% | |
| Q3 2024 | +7.6% | +13.6% | +11.6% | |
| Q2 2024 | -3.3% | -11.4% | +6.8% | |
| Q1 2024 | -4.9% | -10.8% | -3.3% | |
| Q4 2023 | +3.6% | +0.2% | +10.3% | |
| Q3 2023 | +8.8% | +8.8% | +14.2% | |
| Q2 2023 | -2.3% | +0.6% | -0.1% | |
| Q1 2023 | +25.7% | +13.1% | +11.2% | |
| Q4 2022 | -20.5% | -28.2% | -25.1% | |
| Q3 2022 | -0.8% | +6.7% | +12.5% | |
| Q2 2022 | +15.1% | +16.6% | +23.3% | |
| Q1 2022 | +17.0% | +5.5% | +0.9% | |
| Q4 2021 | -4.9% | -9.0% | -15.6% | |
| Q3 2021 | +11.7% | +11.4% | +15.9% | |
| Q2 2021 | -3.1% | -7.4% | -5.0% | |
| Q1 2021 | +0.1% | +3.6% | +7.7% | |
| Q4 2020 | +0.9% | +6.0% | +3.6% | |
| Q3 2020 | -3.1% | +2.7% | +16.2% | |
| Q2 2020 | +3.8% | +0.9% | +4.8% | |
| Q1 2020 | -0.9% | -11.2% | +28.8% | |
| Q4 2019 | +3.9% | -6.0% | -35.2% | |
| Q3 2019 | +17.7% | +16.2% | +20.8% | |
| Q2 2019 | +14.2% | +17.6% | +24.2% | |
| Q1 2019 | -5.2% | -8.2% | -20.8% | |
| Q4 2018 | -3.0% | -3.5% | -12.1% | |
| Q3 2018 | +9.8% | +7.1% | +1.4% | |
| Q2 2018 | -5.1% | -8.5% | -18.1% | |
| Q1 2018 | -0.6% | -2.5% | -3.6% | |
| Q4 2017 | -2.1% | +0.3% | +6.6% | |
| Q3 2017 | -13.8% | -15.4% | -17.2% | |
| Q2 2017 | +9.2% | +18.8% | +11.3% | |
| Q1 2017 | -2.6% | -1.9% | -3.6% | |
| Q4 2016 | +0.0% | -2.9% | -4.6% | |
| Q3 2016 | -7.3% | -6.9% | +26.6% | |
| Q2 2016 | -6.3% | -8.7% | -3.4% | |
| Q1 2016 | -9.2% | — | — | |
| Q4 2015 | +9.7% | — | — | |
| Q3 2015 | +34.8% | — | — | |
| Q2 2015 | -2.5% | — | — | |
| Q1 2015 | -7.3% | — | — | |
| Q4 2014 | -1.0% | — | — | |
| Q3 2014 | +4.2% | — | — | |
| Q2 2014 | -9.4% | — | — | |
| Q1 2014 | +4.3% | — | — | |
| Q4 2013 | +0.0% | — | — | |
| Q3 2013 | -9.2% | — | — | |
| Q2 2013 | +4.7% | — | — | |
| Q1 2013 | -0.3% | — | — | |
| Q4 2012 | +2.3% | — | — | |
| Q3 2012 | -0.6% | — | — | |
| Q2 2012 | -1.7% | — | — | |
| Q1 2011 | +6.7% | — | — | |
| Q1 2012 | +0.2% | — | — | |
| Q4 2009 | +1.4% | — | — | |
| Q4 2011 | +1.4% | — | — | |
| Q3 2011 | -7.2% | — | — | |
| Q2 2011 | +12.9% | — | — | |
| Q4 2010 | +12.9% | — | — | |
| Q3 2010 | -6.8% | — | — | |
| Q2 2010 | -0.3% | — | — | |
| Q1 2010 | +0.1% | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro