Mercury Systems Raises FY17 Guidance

(RTTNews) - Mercury Systems, Inc. (MRCY) announced, for 2017 fiscal year, the company currently estimates revenue of $370.0 million to $380.0 million, and adjusted EPS to be approximately $1.03 to $1.09. Analysts polled by Thomson Reuters expect the company to report profit per share of $0.91 on revenue of $372.11 million. Analysts' estimates typically exclude special items.

For the second quarter of fiscal 2017, revenues are forecasted to be in the range of $91.0 million to $95.0 million. Adjusted EPS is expected to be in the range of $0.22 to $0.27. Analysts polled by Thomson Reuters expect the company to report profit per share of $0.21 on revenue of $90.11 million.

Mark Aslett, Mercury's CEO, stated: "In addition to a strong financial performance, we are pleased with our progress on the integration plan for the businesses acquired from Microsemi Corporation. The integration efforts are on schedule and have yielded no surprises to date. With the momentum and the operating leverage that will be delivered by our combined operations, we remain confident in our ability to achieve the financial performance called for by our increased annual guidance and our new target business model for fiscal 2017."

First quarter adjusted earnings per share was $0.22 per share, compared to $0.19 per share in the first quarter of fiscal 2016. Total company revenues were $87.6 million, compared to $58.4 million in the first quarter of last year. Excluding the impact of the businesses acquired from Microsemi Corporation in May 2016, revenues would have been $63.3 million, an increase of 8.4%, compared to the first quarter of fiscal 2016.