AMMAN: After retaining two key contracts and winning an extension to its largest contract, Colorado Springs-based defense contractor Vectrus Inc. Tuesday raised its revenue and profit forecasts for the year even as it reported better-than-expected first quarter financial results.
While revenue for the January-to-March period declined 6.6 percent from a year ago to $290.1 million, the total was still $2 million higher than the forecast of the only analyst following the company’s stock, Brian Ruttenbur of Drexel Hamilton LLC. Most of the revenue decline resulted from work winding down in Afghanistan, Vectrus said Tuesday in a press release. First-quarter profits edged up 1.2 percent to $6.67 million, or 60 cents a share, from $6.59 million, or 61 cents a share, during the first quarter of 2016, beating Rittenbur’s forecast by 14 cents.