ManTech International Corporation (MANT) has reported a 13.71 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $15.03 million in the quarter, compared with $13.22 million for the same period last year.
Revenue during the quarter grew 7.09 percent to $418.37 million from $390.66 million in the previous year period. Gross margin for the quarter expanded 3 basis points over the previous year period to 14.66 percent. Total expenses were 94.17 percent of quarterly revenues, down from 94.38 percent for the same period last year. This has led to an improvement of 21 basis points in operating margin to 5.83 percent.
Operating income for the quarter was $24.39 million, compared with $21.94 million in the previous year period.
"ManTech had exceptional execution in the first quarter as evidenced by multiple, large new contract awards, strong cash flow and growth across all of our key operating metrics. Revenues, operating income, operating margin, net income and earnings per share all increased sequentially and over the prior year. We are poised for continued momentum based on ManTech's strong strategic positioning coupled with an improving market environment," said ManTech Chairman and Chief Executive Officer George J. Pedersen
ManTech International Corporation forecasts revenue to be in the range of $1,650 million to $1,700 million for fiscal year 2017. For financial year 2017, Mantech International Corp projects net income to be in the range of $56.50 million to $59.40 million. For fiscal year 2017, the company expects diluted earnings per share to be in the range of $1.44 to $1.52.
Operating cash flow improves significantly
ManTech International Corporation has generated cash of $36.53 million from operating activities during the quarter, up 25.55 percent or $7.43 million, when compared with the last year period.
The company has spent $3.40 million cash to meet investing activities during the quarter as against cash outgo of $2.88 million in the last year period.
The company has spent $6.44 million cash to carry out financing activities during the quarter as against cash outgo of $7.13 million in the last year period.
Cash and cash equivalents stood at $91.63 million as on Mar. 31, 2017, up 51.69 percent or $31.22 million from $60.40 million on Mar. 31, 2016.
Working capital increases
ManTech International Corporation has recorded an increase in the working capital over the last year. It stood at $245.20 million as at Mar. 31, 2017, up 21.57 percent or $43.51 million from $201.69 million on Mar. 31, 2016. Current ratio was at 2.28 as on Mar. 31, 2017, up from 2.05 on Mar. 31, 2016.
Days sales outstanding went down to 67 days for the quarter compared with 72 days for the same period last year.
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