Vectrus (NYSE: VEC) — one of 30 companies listed in Executive Mosaic’s GovCon Index — has lifted the lower ends of its full-year earnings and revenue outlooks in part on a large contract extension given in March.
The Colorado Springs-based communications services contractor now expects earnings of at least $2.02 per share compared to the previous $1.94 EPS minimum guidance with the new lower revenue forecast end at $1.15 billion versus the previous $1.11 billion outlook.
Vectrus left the high ends unchanged at $2.31 earnings per share and $1.19 billion in sales.
Second quarter earnings came in at 61 cents per share to top analyst forecasts by 6 cents with overall profit up 32.86 percent from the same period last year to $6.56 million.
Revenue increased 19.07 percent year-over-year to $310.68 million on help from a nine-month, $329 million contract modification the company received in March to continue security and base operations support services in Kuwait for the U.S. Army.
Wall Street analysts expected Vectrus to report $284.15 million in second quarter sales.
As of Tuesday’s close, shares in Vectrus have gained 4.55 percent since the start of the year and declined 14.59 percent over the past 12 months.
