ManTech International Corporation (MANT) has reported 12.56 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $14.66 million in the quarter, compared with $13.03 million for the same period last year.
Revenue during the quarter grew 5.70 percent to $415.40 million from $393.01 million in the previous year period. Gross margin for the quarter contracted 53 basis points over the previous year period to 14.23 percent. Total expenses were 94.34 percent of quarterly revenues, down from 94.63 percent for the same period last year. This has led to an improvement of 28 basis points in operating margin to 5.66 percent.
Operating income for the quarter was $23.50 million, compared with $21.12 million in the previous year period.
"ManTech achieved outstanding performance across our key operating metrics with strong contract awards, organic growth and exceptional cash flow. Our excellent performance along with our strong balance sheet provides the foundation to fund organic growth and strategic acquisitions positioning ManTech to meet our customers' most challenging and changing demands," said ManTech chairman and chief executive officer George J. Pedersen.
For financial year 2016, Mantech International Corp forecasts revenue to be in the range of $1,590 million to $1,610 million. The company projects net income to be in the range of $55.50 million to $56.20 million. The company expects diluted earnings per share to be in the range of $1.45 to $1.47.
Operating cash flow drops significantly
ManTech International Corporation has generated cash of $83.15 million from operating activities during the nine month period, down 43.35 percent or $63.62 million, when compared with the last year period.
The company has spent $55.21 million cash to meet investing activities during the nine month period as against cash outgo of $110.32 million in the last year period.
Cash flow from financing activities was $1.65 million for the nine month period as against cash outgo of $9.05 million in the last year period.
Cash and cash equivalents stood at $70.90 million as on Sep. 30, 2016, up 38.50 percent or $19.71 million from $51.19 million on Sep. 30, 2015.
Working capital increases sharply
ManTech International Corporation has recorded an increase in the working capital over the last year. It stood at $209.96 million as at Sep. 30, 2016, up 34.51 percent or $53.86 million from $156.09 million on Sep. 30, 2015. Current ratio was at 2.20 as on Sep. 30, 2016, up from 1.71 on Sep. 30, 2015.
Days sales outstanding went down to 72 days for the quarter compared with 77 days for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
