V2X (NYSE: VVX) delivered strong first quarter 2024 results, evidenced by revenue growth, a quarterly profit and a significant backlog.
The company said Tuesday it will also capitalize on several opportunities as it continues to transform and deliver enhanced capabilities in an ever-growing market.
Chuck Prow, president and CEO of V2X and a 2024 Wash100 awardee, highlighted, “V2X reported a solid start to 2024 with revenue up seven percent year-over-year. 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.”
In the three months ending March 29, 2024, revenue rose to $1.01 billion or seven percent higher than in Q1 2023, while net income reached $1.14 billion compared to the $17.5 billion net loss from a year ago. Besides the backlog providing visibility and a pipeline supporting future growth, V2X expects notable awards this year.
During the earnings call, Prow noted the growth in the Middle East or U.S. Central Command, citing the expansion in Qatar and the aviation support and training contract to support the Saudi Arabian Ministry of National Guard. Both are part of the five-year, $400 million foreign military sales program. He also said that supporting important clients overseas is a tailwind for V2X.
V2X reaffirmed its 2024 guidance because of the Q1 results and business trends. This year, the company forecasts revenue between $4.1 billion and $4.2 billion and Adjusted EBITDA from $300 million to $315 million.
Last, Prow said the business’s ability to generate strong cash flow with low capital expenditure requirements is an attribute. V2X expects to deliver full-year Adjusted net cash provided by operating activities of $145 to $165 million.
