Article

2019-12-03 Economy

Over Five Decades, This Entrepreneur Built A Defense Contractor That Made Him A Billionaire

[Forbes] George Pedersen cofounded his firm ManTech International back in 1968 with a single contract with the U.S. Navy, reportedly to build war-gaming models for the submarining community. Now the defense and intelligence contractor has 8,700 employees and nearly $2 billion in annual revenue. After a recent run-up in the stock, Pedersen is now a billionaire thanks to his stake in the Nasdaq-listed company. The 84-year-old owns a third of the firm, which has a market capitalization of $3.1 billion.

ManTech’s nine-figure contracts run the gamut from cybersecurity solutions for the Department of Homeland Security to IT systems engineering for the U.S. Army. ManTech declined to comment for this article.

The share price of the Fairfax, Virginia-based company has risen nearly 30% since the beginning of 2019. Some of that is the result of posting better-than-expected third quarter earnings on October 30. ManTech reported earnings per share of $0.69, beating analyst expectations of $0.60, and revenue of $579 million, exceeding the consensus by $20 million. ManTech’s acquisition this spring of Kforce Government Solutions, which provides IT staffing services to federal agencies such as the Department of Veteran Affairs, has boosted earnings.

Posted by Besoeker 2019-12-03 12:56|| || Front Page|| [25 views ] Top

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