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Dec 30, 2022
Mercury Q2 2023 Earnings Report
Mercury Systems reported mixed results for Q2 2023, with revenue up but net loss widening. The company is initiating a review of strategic alternatives.
Key Takeaways
Mercury Systems reported a 4% increase in revenue compared to the previous year, reaching $229.6 million. However, the company experienced a net loss of $10.9 million, or $0.19 per share, compared to a net loss of $2.6 million, or $0.05 per share, in the same quarter of the previous year. Adjusted EPS was $0.26, down from $0.39 in the prior year. The company's book-to-bill ratio was 1.18, and backlog grew to a record $1.12 billion. The Board of Directors decided to initiate a review of strategic alternatives to enhance shareholder value.
Revenues increased by 4% year-over-year, reaching $229.6 million.
The company generated positive organic growth and cash flow.
Bookings totaled $270.3 million, resulting in a book-to-bill ratio of 1.18.
Backlog reached a record $1.12 billion, with $765.5 million expected to be recognized as revenue within the next 12 months.
Forward Guidance
For the third quarter of fiscal 2023, revenues are forecasted to be in the range of $245.0 million to $260.0 million. GAAP net (loss) income for the third quarter is expected to be approximately $(5.8) million to $1.0 million, or $(0.10) to $0.02 per share. Adjusted EBITDA for the third quarter of fiscal 2023 is expected to be in the range of $40.0 million to $47.0 million. Adjusted EPS is expected to be in the range of $0.32 to $0.42 per share.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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