Critical software services provider ManTech International Corporation (MANT) recently procured a Blanket Purchase Agreement (:BPA) from the Department of Homeland Security (DHS) to provide the requisite support to avert cyber threats and integrate security services across a wide range of ‘.gov’-domain networks.
According to the agreement, ManTech will offer a unique set of indigenous tools and control mechanisms to protect the critical-information resources of the country. The 5-year contract has a $6 billion ceiling and will facilitate cyber security services across the U.S. government and civilian marketplace.
Over the years, ManTech has enjoyed a steady stream of contract awards (bookings). Bookings aggregated $368 million in second quarter 2013, representing a book-to-bill ratio of 0.6. With a significant number of awards, the company had a healthy backlog of business worth $5.3 billion by the end of the quarter. At quarter-end, ManTech had $193.6 million in cash and cash equivalents.
With strong liquidity position and robust business backlogs, ManTech is poised to register solid revenue growth in 2013. The company envisages continuous recruitment initiatives to fulfill its order backlogs. We also remain encouraged by the positive developments in the industry.
For 2013, ManTech expects revenues of $2.4 billion. The company expects its cyber and intelligence businesses to grow over 15% organically in 2013 and more than double the earnings from Overseas Contingency Operations (:OCO) business. Net income is anticipated to be $81.0 million or $2.18 per share. The current Zacks Consensus Estimate for 2013 is pegged at $2.14.
ManTech presently carries a Zacks Rank #4 (Sell). Other players in the industry worth reckoning include Carbonite, Inc. (CARB), Computer Sciences Corporation (CSC) and Lionbridge Technologies Inc. (LIOX), each carrying a Zacks Rank #2 (Buy).
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