Shares of Mercury Systems, Inc. (MRCY) are down more than 9% Wednesday morning after the company reported lesser-than-expected second-quarter results. The company's third quarter, as well as full-year outlook also came in below view.
The company reported net loss of $2.6 million, or $0.05 per share in the second quarter, compared to net income of $12.7 million, or $0.23 per share, for the second quarter of fiscal 2021.
Excluding one-items, earnings were $0.39 per share that missed the average estimate of analysts polled by Thomson Reuters at $0.42 per share.
Revenue for the quarter increased 5% year-on-year to $220.4 million. The consensus estimate stood at $223.22 million.
For the third quarter, revenues are expected to be in the range of $245 million to $255 million and adjusted EPS in the range of $0.55 to $0.59 per share. Analysts expect earnings of $0.73 per share on revenue of $278.5 million in the third quarter.
For the full year, revenues are forecasted to be in the range of $1 billion to $1.03 billion and adjusted EPS is expected to be between $2.51 and $2.60 per share. The consensus estimate for earnings stands at $2.55 per share and for revenue is at $1.03 billion.
MRCY is at $50.73. It has traded in the range of $44.44- $79.45 in the past 52 weeks.
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