ManTech Int'l Q3 Profit Down, Meets View; Cuts FY Outlook

(RTTNews) - ManTech International Corp. (MANT), Wednesday reported a drop in profit for the third quarter, as revenues declined due to lower government contracts. Earnings for the quarter came in line with analysts' estimates, while revenues fell short of expectations. Moving ahead, the defense contractor lowered its outlook for the full year.

Fairfax, Virginia-based ManTech's third-quarter profit dropped to $15.5 million or $0.41 per share from $17.7 million or $0.48 per share last year. On average, nine analysts polled by Thomson Reuters expected the company to earn $0.41 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter dropped to $447.2 million from $567.4 million a year ago, primarily as the result of reduced requirements for support to the U.S. Army in Afghanistan. Analysts had a consensus revenue estimate of $483.75 million for the quarter.

Meanwhile, operating margins improved 40 basis points to 6 percent helped by strong contract performance and improved cost management.

"ManTech demonstrated improved operating performance in the third quarter, despite continued delays in government awards," said Chief Executive George Pedersen.

Moving ahead, the company now expects earnings of $1.28 per share on revenues of $1.80 billion for the full year, down from prior outlook of $1.30 per share with revenues of about $1.90 billion. Analysts currently estimate earnings of $1.29 per share on revenues of $1.88 billion.