Vectrus posts strong first quarter 2016 financial results

Vectrus, Inc. (NYSE: VEC) reported first quarter 2016 revenue of USD310.7 million increased USD49.8 million, or 19.1 percent, compared to the first quarter 2015, the company said.

In the first quarter of 2016, Vectrus benefited from strong performance on Middle East programs and contributions from programs that achieved full operating capability in the second and third quarters of 2015.

Programs based in Afghanistan contributed USD32.1 million of revenue in the first quarter 2016, down USD11.5 million compared to the first quarter 2015.

Operating income was USD11.8 million, or 3.8 percent of operating margin, in the first quarter 2016, compared to USD9.4 million, or 3.6 percent operating margin, in the first quarter 2015.

On an adjusted basis operating income2 was USD9.5 million in the first quarter 2015. Programs based in Afghanistan contributed USD0.6 million of operating income or a 1.8 percent operating margin in the first quarter of 2016, down USD2.2 million compared to the same period in 2015.

Vectrus is a global government services company with a history in the services market that dates back more than 70 years. The company is headquartered in Colorado Springs, Colorado, and includes about 6,000 employees spanning 132 locations in 18 countries.