NASDAQ$VSEC
VSE Corporation · Q1 2022 earnings
Q1 2022 earnings · · Investor relations
Briefing
Reported a 40% increase in revenue year-over-year, driven by growth across all reporting segments.
VSE Corporation reported strong first quarter 2022 results with a 40.2% increase in total revenues, a 22.2% increase in GAAP net income, and a 42.9% increase in adjusted EBITDA compared to the first quarter of 2021. The company's Aviation and Fleet segments saw significant revenue growth, and strategic initiatives are expected to continue driving value for shareholders.
- Total Revenues increased by 40.2% to $231.2 million.
- GAAP Net Income increased by 22.2% to $6.2 million.
- Adjusted EBITDA increased by 42.9% to $22.2 million.
- Aviation segment revenue increased 110% year-over-year to $93.3 million.
Headline financials
Revenue & EPS history
VSE · Revenue · Quarterly
$231M
Revenue by segment
VSE · $61M total across 1 segment · Q4 2019
- Aviation$61M+42.3%100.0%
Forward guidance
VSE anticipates continued growth and margin expansion, driven by new business wins, commercial MRO activity, and strategic revenue diversification. The company remains focused on stabilizing legacy programs and investing in higher-return businesses.
Tailwinds
- VSE Aviation secured a renewal of a three-year, $180 million distribution agreement.
- VSE Aviation reached an agreement with Honeywell Aerospace to provide repair services.
- Fleet commercial revenue has grown to 42% of total segment revenue, up from 10% in 2019.
- Federal & Defense continues to achieve steady increases in awards for logistics and distribution services.
- Aviation segment adjusted EBITDA grew significantly due to new business wins and commercial MRO activity.
Headwinds
- Commercial MRO market recovery in 2022 will be slightly slower than initially anticipated.
- Fleet segment adjusted EBITDA margin declined due to a higher mix of commercial revenue and continued investment in commercial channel growth.
- Federal & Defense segment reported an operating loss due to a contract loss provision.
- Federal & Defense segment adjusted EBITDA declined due to a higher mix of cost-plus contracts.
- Supply chain disruptions and cost inflation continue to present challenges.
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 2022
+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% | — | — |
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