Vectrus, Engility report sales declines

By Marjorie Censer / March 1, 2018 at 4:54 PM

Vectrus said today its 2017 sales reached $1.1 billion, down about 6 percent from the prior year.

The contractor attributed the decline to "lower activity in our Middle East programs," including a $121 million reduction in a Kuwait contract and a $33 million decline in Afghanistan work.

However, Vectrus said it saw boosts in its European and U.S. work.

The contractor also reported 2017 profit of nearly $60 million, more than double the $24 million it recorded in 2016. Vectrus noted it received a significant boost from the recent tax legislation.

Meanwhile, Engility said today its sales in 2017 reached $1.9 billion, down about 7 percent from 2016.

The company recorded a $35 million loss for the year, more than the nearly $11 million loss it reported in 2016.

Engility said this year's loss included $80 million in tax expenses, including $60 million related to remeasuring the company's deferred tax assets following the new tax legislation.