Federal solutions provider PAE has reported fourth-quarter revenue of $697.1 million and revenues of $2.8 billion for the year. This includes a fourth-quarter operating loss of $3.2 million and $26.8 million operating income for the year.
“We had a strong fourth quarter as we delivered revenue and adjusted EBITDA that exceeded our expectations,” said PAE’s President and CEO John Heller. “We are successfully executing our strategy to drive top line revenue growth, generate free cash flow and deliver exceptional performance to our customers.”
He noted the company entered 2020 with strong fundamentals in place, including “a robust federal spending environment, a high-quality sales pipeline and a talented team positioned to drive growth and increase shareholder value.”
Quarterly revenues of $697.1 million increased $25.0 million, or 3.7 percent, compared to the prior year quarter. The company attributed the improvement primarily to new service awards within both its Global Mission Services and National Security Solutions segments.
Operating loss for the quarter was $3.2 million, compared with operating income of $12.1 million in the prior year quarter. The company reported the decrease in operating income resulted primarily from set-up costs on new business awards and one-time impacts from increased operating costs.