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Jan 01, 2021
Mercury Q2 2021 Earnings Report
Mercury's Q2 2021 earnings were released, showing revenue exceeding guidance and bookings surpassing $200 million for the seventh consecutive quarter.
Key Takeaways
Mercury Systems reported a 9% increase in revenue compared to the previous year, with revenue reaching $210.7 million. The company's bookings totaled $210.1 million, resulting in a book-to-bill ratio of 1.0. GAAP net income was $12.7 million, or $0.23 per share, while adjusted earnings per share was $0.54. The company completed the acquisition of Physical Optics Corporation during the quarter.
Revenue increased by 9% year-over-year, driven by 9% organic growth.
Bookings totaled $210.1 million, resulting in a book-to-bill ratio of 1.0.
Record backlog of $945.3 million, a 30% increase compared to the prior year.
Completed acquisition of Physical Optics Corporation.
Mercury
Mercury
Forward Guidance
For the third quarter of fiscal 2021, revenues are forecasted to be in the range of $245.0 million to $255.0 million. For the full fiscal year 2021, the company currently expects revenue of $925.0 million to $945.0 million.
Positive Outlook
- Revenues are forecasted to be in the range of $245.0 million to $255.0 million for the third quarter of fiscal 2021.
- GAAP net income for the third quarter is expected to be approximately $15.9 million to $17.8 million, or $0.29 to $0.32 per share.
- Adjusted EBITDA for the third quarter of fiscal 2021 is expected to be in the range of $52.0 million to $54.5 million.
- Adjusted EPS is expected to be in the range of $0.59 to $0.63 per share.
- For the full fiscal year 2021, the company currently expects revenue of $925.0 million to $945.0 million.
Challenges Ahead
- GAAP net income of $69.1 million to $72.8 million, or $1.24 to $1.31 per share for the full fiscal year is assuming no incremental restructuring.
- GAAP net income of $69.1 million to $72.8 million, or $1.24 to $1.31 per share for the full fiscal year is assuming no acquisition.
- GAAP net income of $69.1 million to $72.8 million, or $1.24 to $1.31 per share for the full fiscal year is assuming other non-operating adjustments.
- GAAP net income of $69.1 million to $72.8 million, or $1.24 to $1.31 per share for the full fiscal year is assuming no non-recurring financing in the period.
- GAAP net income of $69.1 million to $72.8 million, or $1.24 to $1.31 per share for the full fiscal year is assuming an effective tax rate, excluding discrete items, of approximately 26% for the remainder of the year and approximately 55.5 million weighted average diluted shares outstanding.