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Oct 02, 2020
Mercury Q1 2021 Earnings Report
Mercury Systems' first quarter fiscal 2021 results were reported, showing revenue growth and exceeding guidance.
Key Takeaways
Mercury Systems reported a strong start to fiscal year 2021, with revenue increasing by 16% year-over-year, including 12% organic growth. The company exceeded its guidance for revenues, net income, adjusted EBITDA, EPS, and adjusted EPS. Mercury's backlog increased by 16% over the prior year, reaching $826 million.
Revenue increased 16% year-over-year with 12% organic growth.
Revenue, net income, adjusted EBITDA, EPS, and adjusted EPS exceeded guidance.
Backlog of $826 million increased 16% over prior year.
The first quarter fiscal 2021 results included an aggregate of approximately $8.8 million of revenue attributable to the American Panel Corporation acquired business.
Forward Guidance
For the second quarter of fiscal 2021, revenues are forecasted to be in the range of $200.0 million to $210.0 million, GAAP net income is expected to be approximately $11.9 million to $13.4 million, and adjusted EPS is expected to be in the range of $0.48 to $0.51 per share. For the full fiscal year 2021, revenue of $865.0 million to $885.0 million, and GAAP net income of $67.9 million to $72.3 million, or $1.22 to $1.30 per share, and adjusted EPS for the full fiscal year is expected to be approximately $2.20 to $2.28 per share.
Positive Outlook
- Revenues are forecasted to be in the range of $200.0 million to $210.0 million for the second quarter of fiscal 2021.
- GAAP net income for the second quarter is expected to be approximately $11.9 million to $13.4 million.
- Adjusted EBITDA for the second quarter of fiscal 2021 is expected to be in the range of $42.0 million to $44.0 million.
- Adjusted EPS is expected to be in the range of $0.48 to $0.51 per share for the second quarter.
- Revenue of $865.0 million to $885.0 million is expected for the full fiscal year 2021.
Challenges Ahead
- GAAP net income of $67.9 million to $72.3 million is expected for the full fiscal year.
Historical Earnings Impact
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