ManTech International Corporation (Nasdaq: MANT) has acquired Tapestry Technologies, a provider of advanced cyber solutions, enhancing its cyber defense capabilities within the Department of Defense. This acquisition adds approximately 150 skilled professionals and expands ManTech's customer base and mission-critical contracts. The CEO emphasized the complementary nature of this addition, which strengthens ManTech's position in the cyber market and supports expected growth.
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ManTech International Corporation (Nasdaq: MANT) has acquired Minerva Engineering, enhancing its cyber defense capabilities. Minerva, based in Hanover, Maryland, specializes in advanced cyber solutions for the intelligence community, including risk assessment and incident response. This acquisition will broaden ManTech's customer base and improve its cybersecurity talent pool. Kevin M. Phillips, ManTech's CEO, stated that this acquisition is complementary and positions the company for continued growth in the cyber sector.
ManTech International Corporation (MANT) reported third-quarter 2020 revenue of $636 million, a 10% increase from Q3 2019, with a diluted EPS of $0.73 (up 6%). The company's operating income rose to $39.3 million, with a stable EBITDA margin of 9.0%. Significant contract awards during the quarter totaled $1.3 billion, resulting in a book-to-bill ratio of 2.1. ManTech has raised its 2020 guidance for revenue to the range of $2,490 - $2,510 million and adjusted EPS to $3.24 - $3.28. Cash flow from operations was $112 million.
ManTech has secured a five-year contract worth $85 million to manage the Operational Test Program Set for the Naval Surface Warfare Center. This contract is aimed at enhancing the reliability and maintenance of advanced weapons systems used in U.S. Navy aircraft. Awarded under the DoD Information Analysis Center’s multiple-award contract, it involves developing hardware and software for Depot Level diagnostic testing. ManTech's efforts will focus on cyber platform hardening using its ACRE® Cyber Range solution, aligning with its mission to improve weapons systems for U.S. Naval forces.
ManTech has secured a $260 million task order from the U.S. Air Force under the DoD IAC contract as of October 22, 2020. This four-year initiative aims to modernize technology for U.S. Navy Maritime Patrol and Reconnaissance Aircraft. ManTech will enhance its digital engineering capabilities to support intelligence, surveillance, and reconnaissance (ISR) missions. This contract builds on prior successful work, demonstrating ManTech's position as a trusted partner in defense technology.
ManTech (Nasdaq: MANT) announced the transition of co-founder George J. Pedersen from Executive Chairman to Chairman Emeritus, remaining on the Board. Kevin M. Phillips, previously President and CEO, has been elected as the new Chairman. Pedersen expressed pride in ManTech's growth and confidence in Phillips and the leadership team. Phillips acknowledged Pedersen's pivotal role in the company's success as a mission-focused technology provider for national security. The leadership change aims to ensure continued growth and value creation for customers and shareholders.
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ManTech International Corporation (Nasdaq: MANT) reported second-quarter fiscal 2020 revenue of $632 million, an 18% increase from the prior year, driven by organic growth. The operating income rose to $39.6 million (+19%), with a net income of $29.9 million and diluted EPS of $0.74 (+23%). Adjusted diluted EPS stood at $0.84 (+20%). The company announced a quarterly dividend of $0.32 per share and reported bookings of $663 million, maintaining a book-to-bill ratio of 1.0. Guidance for fiscal 2020 has been raised, projecting revenue between $2.45 billion and $2.50 billion.
ManTech has secured a five-year task order worth $87 million to provide advanced IT Software Research and Development for the Navy Maritime Maintenance Enterprise Solution (NMMES), benefiting Naval Sea Systems Command (NAVSEA). This contract, awarded under the DoD Information Analysis Center’s Multiple Award Contract, reinforces ManTech's 35-year support to NAVSEA. The initiative aims to enhance ship maintenance operations using AI and DevSecOps, ensuring efficient software solutions with high-level cybersecurity protections.