ManTech Results Miss Estimates; Cuts FY Guidance

(RTTNews) - ManTech International Corp (MANT), a provider of cyber defense security solutions to U.S. federal government customers, on Wednesday reported first-quarter net earnings of $11.8 million or $0.31 per share compared with $9.6 million or $0.26 per share last year.

Revenues for the quarter fell to $370.3 million from $452 million in the prior year, due to reduced subcontractor and materials requirements related to ManTech's support in Afghanistan and other countries in the region.

Analysts polled by Thomson Reuters estimated earnings of $0.33 per share on revenues of $411.2 million for the quarter. Analysts' estimates typically exclude special items.

Operating margin increased 100 basis points from a year ago to 5.4% as the result of direct labor mix, strong contract performance, and improved cost management.

The company also benefited from lower interest expense from redeeming senior notes in the quarter.

For the full year 2015, the company now expects earnings of $1.43 to $1.54 per share on revenues of $1.6 billion to $1.7 billion. Earlier it expected earnings of $1.54 per share on revenues of $1.73 billion.

Analysts expect earnings of $1.51 per share on revenues of $1.72 billion for the year.