Lynn Dugle, president and CEO of Engility [EGL], has been unanimously elected as chairman of the board effective immediately, solidifying her leadership of the defense contractor.

Dugle will continue to also serve as president and CEO.

Lynn Dugle, chairman, president and CEO of Engility. Photo: Engility
Lynn Dugle, chairman, president and CEO of Engility. Photo: Engility

Previously, Engility’s board was co-chaired by Peter Marino and David Savner. Marino has been appointed as independent lead director and Savner remains on the board.

“Under Lynn’s strong leadership, Engility has significantly enhanced its executive team and elevated its operational performance and brand,” Marino said in a statement. “Lynn’s appointment to the chairman position reflects the board’s confidence in her strategic vision and ability to drive innovation through the company.”

Dugle has been on the company’s board since 2015 and became CEO in 2016. Before joining the company, Dugle was president of Raytheon’s [RTN] Intelligence, Information and Services segment.

Engility on Thursday also reported fourth quarter and 2017 financial results. Sales in the quarter were $464.9 million, down 8 percent from $506.4 million a year ago. The company swung to a $59.6 million loss, $1.62 earnings per share (EPS), from $6.7 million (18 cents EPS) in net income a year ago, largely due to a one-time tax expense, and to a lesser degree non-corps operating costs and a goodwill impairment.

Excluding the one-time expenses, Engility’s per share earnings were 54 cents, topping consensus estimates by 11 cents EPS.

For the year, sales fell 7 percent to $1.9 billion from $2.1 billion while the net loss widened to $35.2 million (96 cents EPS) from $10.8 million (29 cents EPS). Free cash flow was $88.3 million.

Engility’s outlook for 2018 is sales between $1.8 billion and $1.9 billion with earnings between 81 and 91 cents EPS.