Colorado Springs-based defense contractor Vectrus on Tuesday reported a slight decline in third-quarter profits despite a 30.4% jump in revenue, citing nearly $6 million in costs and write-downs related to acquisitions.
Vectrus said earnings fell 1.3% from $10.4 million, or 88 cents a share, during last year's third quarter to $10.3 million, or 87 cents a share, this year. Revenue during the July-to-September period rose nearly $107 million to $459.4 million. Earnings in the first nine months of the year nearly doubled to $38.2 million, or $3.23 a share, while revenue was up 31.2% to $1.36 billion.
Vectrus CEO Chuck Prow told stock analysts on a conference call Tuesday that the company's $4.9 billion contract backlog, led by several new Navy contracts and growth in work in Asia and the Pacific region, will "lead to growth in 2022."
Wayne Heilman, The Gazette