ManTech 3Q earnings jump on intelligence focus

ManTech 3Q earnings jump on high-end defense and intelligence market focus

• On 5:35 pm EDT, Wednesday October 28, 2009

FAIRFAX, Va. (AP) -- Government contractor ManTech International Corp. said Wednesday its third-quarter earnings rose 23 percent because of a focus on the products it develops for the high-end defense and intelligence markets.

The company produces various technologies for national security systems including telecommunications systems in Iraq and Afghanistan and maintains databases that track terrorists.

The company earned $29.2 million, or 81 cents per share, compared with $23.9 million, or 67 cents per share a year ago.

Revenue rose 6 percent to $514.6 million.

Analysts surveyed by Thomson Reuters forecast 79 cents per share on revenue of $542.1 million.

ManTech said it ended the third quarter with about $2 billion in project bids awaiting decision, up from $1.2 billion for the same quarter in 2008.

The company predicts fourth-quarter earnings of 80 to 82 cents per share, inline with analysts' forecast of 80 cents. For the full year, it predicts it will earn between $3.09 and $3.11, above analysts' average expectation of $3.07.

The stock fell about 2 percent in aftermarket electronic trading to reach $45.10. Shares lost 83 cents to end the regular session at $46.02.