Vectrus says full operational capability of LOGCAP V is delayed until next year

Startup activities for the new Logistics Civil Augmentation Program V -- or LOGCAP V -- program are moving at a "slower pace" than anticipated, according to the chief executive of Vectrus.

In a call with analysts this afternoon, Chuck Prow said the planned 180-day phase-in period is "being extended as a result of the global pandemic."

Now, he added, the company does not expect full operational capability until 2021.

Meanwhile, Vectrus said today sales during its most recent quarter totaled $336 million, up 1% from the same three-month period a year earlier.

The contractor said the ongoing COVID-19 pandemic cut sales by about $22 million "due to base access restrictions."

Vectrus reported quarterly profit of $1.1 million, down 85% from the prior year. Vectrus said its profits were lowered both by base access restrictions as well as a contract adjustment to a European program.