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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.
Mercury
Mercury
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.