Mercury Systems Q1 Loss Widens

(RTTNews) - Mercury Systems Inc. (MRCY) reported that its net loss for the first quarter of fiscal 2023 widened to $14.3 million or $0.26 per share from $7.1 million or $0.13 per share in the prior year.

Adjusted earnings per share was $0.24 per share, compared to $0.41 per share in the prior year.

Quarterly revenues grew to $227.6 million, from $225.0 million last year. The latest quarter results included an aggregate of approximately $11.8 million of revenue attributable to the Avalex Technologies and Atlanta Micro acquired businesses.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.21 per share and revenues of $217.92 million for the first quarter. Analysts' estimates typically exclude special items.

For the second quarter of fiscal 2023, the company projects net loss to be in the range of about $10.3 million to $6.2 million or $0.18 to $0.11 per share; adjusted earnings per share of $0.31 to $0.36 per share and revenues of $225.0 million to $240.0 million. Analysts expect the company to report earnings of $0.36 per share and revenues of $233 million for the second quarter.

For the full fiscal year 2023, the company anticipates GAAP net income to be in the range of $14.8 million to $24.7 million or $0.26 to $0.44 per share, adjusted earnings of $1.93 to $2.10 per share and revenues of $1.01 billion to $1.05 billion. Wall Street currently is looking for fiscal year 2023 earnings of $2.09 per share on annual revenues of $1.03 billion.