ManTech International Corp. (MANT) reported a 45% year-over-year increase in net income last quarter and has also raised full-year guidance for 2008. In August the company won a contract from the United States Army that could reach a value of $820 million.
ManTech International Corp. provides a variety of information technology and other services to United States government agencies that focus primarily on national security. The company is involved in every phase from design and production to implementation and maintenance. Mantech's headquarters are located in Fairfax, Virginia, it has 7,400 full-time employees, and carries a market cap of $2.1 billion.
Net Income Up 45%
On July 30th ManTech announced second-quarter results which included net income of $21.9 million, a 45% year-over-year increase. Earnings per share were 62 cents, topping the consensus estimate of 60 cents. This was the third earnings surprise in the last four quarters, with an average surprise of 5.14%.
Revenue was $465.0 million, up 33% from $348.7 in the second quarter of 2007. The boost in revenue was driven by the companies strategic focus on national defense and intelligence markets.
ManTech also announced new full-year earnings and revenue guidance. Full year 2008 earnings per share is now projected to be between $2.46 and $2.53, up from between $2.37 and $2.47. The company estimates full-year revenue for the current year to be between $1,845 and $1,880, up from between $1,735 and $1,800.
Awarded a $820 million contract
ManTech announced, on August 20th, that it had been awarded a two-year contract of up to $820 million. The contract from the United States Army will included mine detection and retrieval systems used to clear improvised explosive devices [IED] in Iraq and Afghanistan. The company will also provide mine protected vehicles as well as services and training related to the equipment delivered to the Army.
Completed Acquisition of Emerging Technologies Group
ManTech announced the completed acquisition of Emerging Technologies Group on September 2nd. The cyber security company is expected to generate approximately $20 million in revenue for 2009 through its service to the Intelligence Community and Department of Defense.