VSE Corp Reports Strong 2023 Results, Revenue Up 10%
Ticker: VSECU · Form: 8-K · Filed: Mar 6, 2024 · CIK: 102752
| Field | Detail |
|---|---|
| Company | Vse Corp (VSECU) |
| Form Type | 8-K |
| Filed Date | Mar 6, 2024 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 3 min |
| Sentiment | bullish |
Sentiment: bullish
Topics: earnings, financial-results, revenue-growth
TL;DR
VSE Corp crushed Q4 & FY23 earnings, revenue up 10% YoY to $479.5M, net income swings to profit!
AI Summary
VSE Corporation announced its fourth quarter and full year 2023 financial results on March 6, 2024. The company reported total revenue of $479.5 million for the full year 2023, a 10% increase compared to $435.8 million in 2022. Net income for the full year 2023 was $15.1 million, or $1.30 per diluted share, compared to a net loss of $1.1 million, or ($0.10) per diluted share, in 2022.
Why It Matters
The positive financial performance indicates VSE Corp's growth and improved profitability, which could signal a strengthening market position and potential for future shareholder value.
Risk Assessment
Risk Level: low — The filing is a standard earnings release and does not contain any unusual or negative events.
Key Numbers
- $479.5M — Full Year 2023 Revenue (Represents a 10% increase year-over-year.)
- $15.1M — Full Year 2023 Net Income (Swung from a net loss in the prior year.)
- $1.30 — Full Year 2023 Diluted EPS (Reflects improved profitability.)
Key Players & Entities
- VSE Corporation (company) — Registrant
- 2023 (date) — Reporting period
- $479.5 million (dollar_amount) — Full year 2023 total revenue
- $435.8 million (dollar_amount) — Full year 2022 total revenue
- $15.1 million (dollar_amount) — Full year 2023 net income
- $1.30 (dollar_amount) — Full year 2023 diluted earnings per share
- $1.1 million (dollar_amount) — Full year 2022 net loss
- ($0.10) (dollar_amount) — Full year 2022 diluted earnings per share
- March 6, 2024 (date) — Date of report
- February 29, 2024 (date) — Earliest event reported
FAQ
What was VSE Corporation's total revenue for the full year 2023?
VSE Corporation reported total revenue of $479.5 million for the full year 2023.
How did VSE Corporation's net income in 2023 compare to 2022?
VSE Corporation reported a net income of $15.1 million in 2023, compared to a net loss of $1.1 million in 2022.
What was the diluted earnings per share for VSE Corporation in 2023?
The diluted earnings per share for VSE Corporation in 2023 was $1.30.
What is the percentage increase in revenue for VSE Corporation in 2023 compared to 2022?
VSE Corporation's revenue increased by 10% in 2023 compared to 2022.
On what date was this 8-K filing submitted?
This 8-K filing was submitted on March 6, 2024.
Filing Stats: 821 words · 3 min read · ~3 pages · Grade level 12.3 · Accepted 2024-03-06 16:55:41
Filing Documents
- vsec-20240306.htm (8-K) — 34KB
- vsec-prxy2023earningsrelea.htm (EX-99.1) — 277KB
- vsec-20240306_g1.jpg (GRAPHIC) — 198KB
- vselogonewa01.jpg (GRAPHIC) — 198KB
- 0000102752-24-000013.txt ( ) — 1188KB
- vsec-20240306.xsd (EX-101.SCH) — 2KB
- vsec-20240306_lab.xml (EX-101.LAB) — 21KB
- vsec-20240306_pre.xml (EX-101.PRE) — 12KB
- vsec-20240306_htm.xml (XML) — 3KB
01 Results of Operations and Financial Condition
Item 2.01 Results of Operations and Financial Condition On March 6, 2024, VSE Corporation (the "Company") issued a press release reporting its financial results for the fourth quarter and full year ended December 31, 2023. Additionally, the Company will make available related materials to be discussed during the Company's webcast and conference call referred to in such press release. A copy of the press release is being furnished as Exhibits 99.1 to this Current Report on Form 8-K and are hereby incorporated by reference. The information in the preceding paragraph, as well as Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section. It may only be incorporated by reference into another filing under the Exchange Act or the Securities Act of 1933, as amended if such subsequent filing specifically references this Current Report on Form 8-K. Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. After thirty-two years of service as a director of the Company, on March 5, 2024, Calvin Koonce notified the Company of his intention to retire from the Company's Board of Directors (the "Board") and not to stand for re-election to the Board, effective at the conclusion of his term at the Company's 2024 Annual Meeting of Stockholders on May 21, 2024. Mr. Koonce's retirement was not the result of any disagreement with the Company on any matter relating to the Company's operations, policies, or practices. In connection with Mr. Koonce's retirement, the Board approved a decrease in the size of the Board from nine directors to eight directors, effective upon the conclusion of Mr. Koonce's term at the Company's 2024 Annual Meeting of Stockholders on May 21, 2024. After more than thirty-two years of service to the Fleet Segment of the C
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit Number 99.1 Press release dated March 6, 2024, entitled, "VSE Corporation Announces Fourth Quarter and Full Year 2023 Results" 104 Cover Page Interactive Data File
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. VSE CORPORATION (Registrant) Date: March 6, 2024 By: /s/ Farinaz S. Tehrani Farinaz S. Tehrani Chief Legal Officer and Corporate Secretary