V2X reports Q4 adjusted EPS 92c, consensus 18c

Reports Q4 revenue $978.2M, consensus $970.55M. "This was a very successful year, achieving several milestones, including the completion of the merger with Vertex and making significant progress on the integration while driving strong results with high quality uninterrupted service and support to our clients," said CEO Chuck Prow. "Our teams came together seamlessly, demonstrating agility and outstanding performance, delivering 9% pro forma revenue growth for the full year. Importantly, current demand and leading indicators for our business remain strong with a substantial backlog of over $12B and close to 4.5 years of future revenue already under contract for our top ten programs. With our enhanced and differentiated capabilities, we are providing increased innovation and technology to our clients’ complex mission requirements and believe we have meaningful opportunity for future growth with our expanded addressable market of approximately $160B dollars. We capped off the year with 20% year-over-year pro forma revenue growth in Q4, driven by new business wins, successful recompetes, and continued expansion on our core programs…The significant momentum in our business, a robust backlog exceeding $12B, and limited recompete risk, provides solid visibility that we believe should drive revenue growth of approximately 5% at the mid-point in 2023. Importantly, over 90% of 2023 revenue is expected to be generated from existing contracts…"