Mercury Systems Q2 Profit Down, But Lifts FY Outlook

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.

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