V2Z: $943.5M in 1Q revenue

V2X reported $943.5M in revenue during the first quarter (Q1) of 2023, reflecting a year-over-year increase of 12% on a pro forma basis, the company reported May 9. It ended Q1 with a total backlog of $11.8B - of it, $2.6B was funded. 

Revenue growth was generated by "continued expansion on existing programs, contribution from new awards (and) success in securing recompete wins" in late 2022 and early 2023, said V2X President/CEO Chuck Prow. V2X secured about $600M in new contracts and about $250M in recompetes. 

Prow said new awards include a potential 7-year, $440M contract with Naval Test Wing Pacific for test and evaluation support and a 3-year, $100M contract with a government customer for cybersecurity services. 

Recompetes include a $142M pact to support mission planning systems of Naval Air Systems Command. 

The McLean, Va.-based defense contractor recorded an operating income of $30.6M for Q1, adjusted diluted earnings per share of 80-cents and adjusted earnings before interest, taxes, depreciation and amortization of $68M with a margin of 7.2%. (GovWire 05/10/23)

Mississippi Note: V2X is a trifecta of companies that includes The Vertex Company and Vectrus. The Vertex Company is HQ'd out of Madison, Miss.