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MIRAMAR, Fla. - VSE Corporation (NASDAQ:VSEC) reported fourth quarter earnings and revenue that exceeded analyst expectations, sending shares up 5% in after-hours trading.
The aviation aftermarket services provider posted adjusted earnings per share of $0.90, beating the consensus estimate of $0.70. Revenue came in at $299 million, surpassing expectations of $283.69 million.
VSE’s Aviation segment was the standout performer, with revenue surging 48% YoY to a record $227.4 million in Q4. The company cited strong execution on distribution programs, expanded MRO capabilities, and contributions from recent acquisitions as key drivers.
"2024 was a transformative year for VSE, marked by record revenue and profitability in our Aviation segment," said John Cuomo, President and CEO of VSE Corporation. "With a strong foundation and differentiated value proposition, we are well-positioned for continued above-market organic growth in 2025 while integrating our newly acquired businesses to unlock synergies and new opportunities."
For the full year 2024, VSE reported total revenue of $1.08 billion, up 26% compared to 2023. Adjusted EBITDA increased 20% to $136.3 million.
Looking ahead, the company expects its Aviation segment to deliver 35-40% revenue growth in 2025, including contributions from recent acquisitions. Adjusted EBITDA margin for the segment is projected between 15.5% and 16.5%.
VSE also announced it has entered into an agreement to sell its Fleet segment for up to $230 million, as it focuses on becoming a pure-play aviation aftermarket company.
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