Mercury Systems Q2 Profit Down, But Lifts FY Outlook

Mercury Systems Q2 Profit Down, But Lifts FY Outlook

February 3, 2021

Mercury Systems Inc. (MRCY) reported that its net income for the second quarter of fiscal 2021 declined to $12.7 million or $0.23 per share, from $15.7 million or $0.29 per share last year.

Adjusted earnings per share was $0.54 per share, compared to $0.53 per share in the previous year.

Total company second quarter fiscal 2021 revenues were $210.7 million, compared to $193.9 million in the second quarter of fiscal 2020. The second quarter fiscal 2021 results included an aggregate of about $0.2 million of revenue attributable to the Physical Optics Corporation acquired business.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.51 per share and revenues of $209.67 million for the second-quarter. Analysts’ estimates typically exclude special items.

For the third quarter of fiscal 2021, the company expects net income to be in the range of about $15.9 million – $17.8 million or $0.29 to $0.32 per share, adjusted earnings per share of $0.59 to $0.63, and revenues of $245.0 million – $255.0 million. Analysts expect the company to report earnings of $0.63 per share and revenues of $249.43 million for the third-quarter.

For the full fiscal year 2021, the company now expects GAAP net income to be in the range of $69.1 million – $72.8 million or $1.24 – $1.31 per share, adjusted earnings per share of $2.35 – $2.42 and revenue of $925.0 million – $945.0 million. Wall Street currently is looking for fiscal year 2021 earnings of $2.33 per share on annual revenues of $925.95 million.

The company said in November that it expected adjusted earnings of $2.20 – $2.28 per share and revenues of $865.0 million – $885.0 million.

Source: Read Full Article