V2X: 3Q revenue up 5 percent

V2X reported new records in the third quarter of 2023, including a new top-line record for the company.

In the three months that ended Sept. 29 revenue increased 5% five percent to $1B and because of strong $1.3B contract awards, the total backlog reached an all-time high of $13.3N in 3Q.

Chuck Prow, president/CEO of V2X, said in a statement published Nov. 6 the record revenue reflects the company’s client and mission support commitment. The backlog provides solid revenue visibility into 2024. V2X has a strong liquidity position, with more than $500M in capacity.

The current pipeline of opportunities is robust, he said. Notable contracts/awards include a $458M 5-year program with the Navy/Marine Corps and $440M in a Naval Test Wing Pacific award. 

Prow believes V2X is well-positioned for future growth and value creation. Besides the backlog, other strengths are differentiated capabilities, a diversified portfolio and alignment with well-funded budgets. (GovWire 11/07/23) V2X Announces $1B Revenue, $13.3B Backlog in Q3 2023; Chuck Prow Quoted - GovCon Wire 

Regionally: Vectrus closed its all-stock merger with The Vertex Company to form a new government services provider that will be known as V2X. It has a facility in Madison, Miss., with specialties in aircraft maintenance, systems integration and logistics solutions, aircraft technical support and integrated supply chain management services, aero‐structures modification and fabrication services, and assembly and engineering solutions.