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Sep 30, 2022
Mercury Q1 2023 Earnings Report
Mercury Systems' first quarter fiscal 2023 results were reported, with bookings increasing and backlog growing.
Key Takeaways
Mercury Systems reported a slight increase in revenue for Q1 2023, with a significant increase in bookings and backlog. However, the company experienced a net loss and a decrease in adjusted earnings per share compared to the previous year. The company is raising the low end of its full-year guidance for revenue and adjusted EBITDA.
Bookings increased by 34% year-over-year, reaching $266.9 million and a book-to-bill ratio of 1.17.
Record backlog of $1.08 billion, a 22% increase year-over-year.
Total revenue increased slightly to $227.6 million, compared to $225.0 million in the first quarter of fiscal 2022.
GAAP net loss was $14.3 million, or $0.26 per share, compared to a net loss of $7.1 million, or $0.13 per share, for the first quarter of fiscal 2022.
Mercury
Mercury
Forward Guidance
For the second quarter of fiscal 2023, revenues are forecasted to be in the range of $225.0 million to $240.0 million. GAAP net loss for the second quarter is expected to be approximately $10.3 million to $6.2 million, or $0.18 to $0.11 per share. Adjusted EBITDA for the second quarter of fiscal 2023 is expected to be in the range of $38.0 million to $42.0 million. Adjusted EPS is expected to be in the range of $0.31 to $0.36 per share. For the full fiscal year 2023, revenues are forecasted to be in the range of $1.01 billion to $1.05 billion, and GAAP net income of $14.8 million to $24.7 million, or $0.26 to $0.44 per share. Adjusted EBITDA for the full fiscal year is expected to be approximately $202.5 million to $215.0 million, and adjusted EPS for the full fiscal year is expected to be approximately $1.93 to $2.10 per share.
Positive Outlook
- Revenues are forecasted to be in the range of $225.0 million to $240.0 million for Q2 2023.
- Adjusted EBITDA for the second quarter of fiscal 2023 is expected to be in the range of $38.0 million to $42.0 million.
- Adjusted EPS is expected to be in the range of $0.31 to $0.36 per share for Q2 2023.
- Revenues are forecasted to be in the range of $1.01 billion to $1.05 billion for fiscal year 2023.
- Adjusted EBITDA for the full fiscal year is expected to be approximately $202.5 million to $215.0 million.
Challenges Ahead
- GAAP net loss for the second quarter is expected to be approximately $10.3 million to $6.2 million, or $0.18 to $0.11 per share.
- GAAP net income of $14.8 million to $24.7 million, or $0.26 to $0.44 per share for fiscal year 2023.
- Actual performance could differ materially from estimates.
- Estimates include risks with respect to those listed in the Safe Harbor Statement.
- Estimates include risks with respect to those listed in the First Quarter and Fiscal 2023 Earnings Presentation and in periodic filings.