DynCorp International announced Wednesday 2017 fourth quarter earnings and full year financial results. Revenue in Q4 climbed to $567.3 million, with an adjusted EBIDTA of $38.6 million for the period, as compared to Q4 2016 revenue of $461.8 million.
Full year 2017 revenue reached $2 billion, with the company handling a total backlog of $4.2 billion. By contrast, last year DynCorp reported total 2016 revenue of $1.8 billion.
Moreover, 2017â€™s full year net income was $30.6 million, compared to a net loss of $54.1 million in 2016, with an adjusted yearly EBIDTA of $152.5 million, yielding 7.6% profit margins. The company enjoyed year-over-year revenue growth of 9.2% and a 50.9% profitability increase.
Going sector by sector, DynCorpâ€™s Aviation, Engineering, Logistics and Sustainment division reported Q4 2017 revenue of $167.1 million, surpassing the $141.4 million it earned during the same period last year. Its adjusted EBIDTA for Q4 2017 was $10.4 million, compared to a $3 million loss during the same period in 2016. The unitâ€™s 2017 adjusted EBIDTA was $29.5 million, compared with a $16.8 million loss last year.
The Aviation Operations and Life Cycle Management division reported Q4 2017 revenue of $155.6 million, growing over last yearâ€™s $147.5 million for the same period. Total 2017 revenue was $603.2 million, falling slightly from $617.3 million the previous year. The company attributed this to decreased output from one of the unitâ€™s programs and the completion of another. Q4 2017 adjusted EBIDTA was $14.7 million, compared to $17.1 million for the same period in 2016. Full year adjusted EBIDTA was $66 million, surpassing $56.8 million last year.
Lastly, DynLogistics reported Q4 2017 revenue of $244.4 million, compared with $172.5 million for the same period in 2016. Total yearly revenue was $796.2 million, compared with $633.6 million last year. Q4 2017 adjusted EBIDTA was $20.4 million, slightly down from $22 million for the same period in 2016. Full year adjusted EBIDTA was $73.5 million, surpassing last yearâ€™s $71.5 million.
In the press release, the company attributed much of 2017â€™s success to major defense contract wins and renegotiations. As part of its goal to bring down operating costs, in January DynCorp merged its three businesses â€“ AELS; AOLC; and DynLogistics â€“ into two, DynLogistics and DynAviation. Also, the company paid down a principal payment of $54.9 of its term loan, $32.4 million more than what was required on or by June 15 of this year.
â€œI am extremely proud of the outstanding performance the team delivered in 2017 â€¦ We expect that the recent strategic rebalance of our operating segments, superior program execution, and continued focus on capturing new business opportunities will drive growth and success in the year ahead,â€ said George Krivo, DynCorpâ€™s chief executive officer, in a statement.