ManTech profit up 13 percent
- April 29, 2010
ManTech International reported Monday that its profit grew 13 percent in the first quarter.
The defense contractor said its first-quarter net income was $27.5 million, or 76 cents per diluted share. Analysts had expected 81 cents per share. The increase in interest expense from its acquisition of STI during the quarter was offset by a lower effective tax rate.
The Fairfax-based company’s revenues rose 31 percent to $587.6 million, compared with $449.6 million in the first quarter of 2009. Organic growth, which is adjusted as if its acquired Sensor Technologies Inc. had been acquired a year earlier, was 15 percent for the quarter.
Organic growth was driven by awards for systems engineering and evaluation programs and more requirements on existing cyber security and logistics programs.