ManTech revenue, earnings fall from year-ago levels

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ManTech, whose quarterly results fell on a wind down of work in Afghanistan, says federal budgets have stabilized and will turn positive over time.

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Jeff Clabaugh

Broadcast/Web Reporter- Washington Business Journal

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Fairfax-based government engineering contractor ManTech International Corp. had lower sales and earnings compared to a year ago as the U.S. military wound own its Afghanistan operations.

ManTech's third quarter revenue was $447.2 million, compared to $567.4 million in the same quarter a year earlier. Support for oversees operations fell to $44 million, from a high of $275 million in the second quarter of 2011.

Net income was $15.5 million, or 41 cents per share, compared to $17.7 million, or 48 cents per share. Even so, third quarter results were higher than the previous quarter, from higher operating margins, cost management and lower interest expenses, ManTech said.

"ManTech demonstrated improved operating performance in the third quarter, despite continued delays in government awards," said ManTech CEO George Pedersen. "Federal budgets have stabilized and will turn more positive over time."

ManTech (NASDAQ: MANT) received $493 million in contract awards last quarter, 40 percent of which was new business, and ended the quarter with a $3.5 billion backlog.

Jeff Clabaugh covers general assignment and provides business coverage for WTOP.