Mercury Systems Q4 Results Miss Estimates; Stock Down

Mercury Systems Inc. (MRCY) reported that its net income for the fourth quarter of fiscal 2022 declined $16.9 million or $0.30 per share, from $17.9 million, or $0.32 per share, for the fourth quarter of fiscal 2021.

MRCY closed Tuesday regular trading at $57.48 down $1.87 or 3.15%. In the after-hours, the stock further dropped $4.93 or 8.58%.

Adjusted earnings per share was $0.81 per share for the fourth quarter of fiscal 2022, compared to $0.73 per share in the fourth quarter of fiscal 2021. Analysts polled by Thomson Reuters expected the company to report earnings of $0.99 per share. Analysts’ estimates typically exclude special items.

Quarterly revenues rose to $289.7 million from $250.8 million last year. The fourth quarter fiscal 2022 results included an aggregate of approximately $19.6 million of revenue attributable to the Pentek, Avalex Technologies and Atlanta Micro acquired businesses. Analysts expected revenue of $307.5 million for the quarter.

For the first quarter of fiscal 2023, the company expects GAAP net loss to be approximately $18.2 million to $15.6 million or $0.32 to $0.28 per share; adjusted earnings per share of $0.19 to $0.23 per share; revenues of $215.0 million to $225.0 million. Analysts expect the company to report earnings of $0.53 per share and revenues of $249.79 million for the first quarter.

For the full fiscal year 2023, the company projects GAAP net income of $15.0 million to $27.9 million, or $0.27 to $0.49 per share; adjusted earnings per share of $1.96 to $2.17 per share. Revenues are forecasted to be in the range of $1.00 billion to $1.05 billion. Wall Street currently is looking for fiscal year 2022 earnings of $2.61 per share on annual revenues of $1.09 billion.

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