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Apr 02, 2021
Mercury Q3 2021 Earnings Report
Mercury Systems reported strong financial performance driven by record revenues and the successful integration of Physical Optics Corporation.
Key Takeaways
Mercury Systems reported a strong Q3 fiscal 2021 with record revenues of $256.9 million, a 23% increase year-over-year. GAAP net income was $15.6 million, or $0.28 per share, while adjusted EPS was $0.64. The company's backlog increased to $893.7 million.
Record revenues increased 23% over the prior year.
Backlog of $894 million increased 16% over the prior year.
Physical Optics Corporation integration is progressing well.
The company delivered a strong financial performance in the third quarter.
Mercury
Mercury
Forward Guidance
For the fourth quarter of fiscal 2021, Mercury Systems forecasts revenues in the range of $236.5 million to $246.5 million and GAAP net income of $19.5 million to $20.9 million, or $0.35 to $0.38 per share. Adjusted EPS is expected to be in the range of $0.66 to $0.69 per share.
Positive Outlook
- Revenues are forecasted to be in the range of $236.5 million to $246.5 million.
- GAAP net income for the fourth quarter is expected to be approximately $19.5 million to $20.9 million, or $0.35 to $0.38 per share.
- Adjusted EBITDA for the fourth quarter of fiscal 2021 is expected to be in the range of $58.1 million to $60.0 million.
- Adjusted EPS is expected to be in the range of $0.66 to $0.69 per share.
- For the full fiscal year 2021, revenues are forecasted to be in the range of $910.0 million to $920.0 million.
Challenges Ahead
- GAAP net income of $63.5 million to $64.9 million, or $1.14 to $1.17 per share, assuming no incremental restructuring, acquisition, other non-operating adjustments, non-recurring financing in the period.
- Effective tax rate, excluding discrete items, of approximately 26% for the remainder of the year.
- Approximately 55.5 million weighted average diluted shares outstanding.
- Adjusted EBITDA for the full fiscal year is expected to be approximately $201.0 million to $203.0 million.
- Adjusted EPS for the full fiscal year is expected to be approximately $2.35 to $2.37 per share.