ManTech increases revenue, profit
- October 28, 2010
ManTech International Corp. reported a 28 percent increase in revenue in the third quarter, with a major boost from its acquisition of Sensor Technologies Inc. (STI).
The Fairfax-based defense contractor reported revenues of $657 million, compared to $514.6 million during the same quarter last year. Organic growth, which is calculated as if STI had been included in last year’s results, was 11 percent.
The increase in sales was driven primarily from awards for intelligence, surveillance and reconnaissance missions, systems engineering, and test and evaluation programs.
Net income for the quarter was $31.4 million, up 7 percent from $29.2 million. Diluted earnings per share for the quarter were 86 cents per share, up from 81 cents per share for same time last year. Profit was affected by an expense of $3.8 million because of ManTech’s issuance of $200 million in unsecured notes in April. The move is expected to allow ManTech to make investments and acquisitions.