Federal IT services contractor Mantech International Corp posted a slip in profit for the fourth quarter of 2005, as the Fairfax, Virginia-based company reported delays in both federal awards and the expansion of existing contracts.
Quarterly net income inched down 3% to $10.4m for the quarter on revenue that increased 16.1% to $261m from $224.7 for the same period last year. Earnings per share were down two cents to $0.31 for the quarter, including a $0.16 per share loss from discontinued operations such as asset impairments. Analysts had been expecting profit of $0.40 on $271.3m in revenue, according to Reuters Estimates.
Full-year results include net income of $44.2m, up 79% from $24.7m in 2004; per share, earnings increased to $1.33 from $0.76. Revenue jumped 19% on the year to $980.3m from $826.9m.
While the Q4 financials weren’t particularly impressive, bookings of for the quarter hit a record $775, which fares well for Mantech’s guidance for 2006. The company expects EPS between $0.38 and $0.41 on revenue of $270m to $280m for the first quarter, ahead of analysts’ calls for $0.37 per share on $265m in revenue.
Full-year guidance stands at EPS of between $1.66 and $1.76 on revenue of $1.15bn to $1.18bn. Wall Street is at the lower end of this range, with a forecast of $1.66 per share on $1.14bn.
Mantech announced its results after market close on Wednesday, but its confident outlook sent shares up more than 3.5% to $28.90 in early after hours trading.