RTTNews | May 5, 2021 09:57AM EDT

09:57 Wednesday, May 5, 2021 (RTTNews.com) - Mercury Systems Inc. (MRCY) shares are declining more than 22 percent on Wednesday morning trade as the company reported a lower net profit for the third quarter on higher operating expenses, however, revenue for the quarter increased 23 percent.

The company reported the third-quarter net income of $15.64 million, or $0.28 per share, down from $23.56 million or $0.43 per share in the prior year.

On average, 10 analysts polled by Thomson Reuters expected the company to earn $0.73 per share. Analysts estimate usually exclude special items. Revenue for the quarter increased to $256.86 million from $208.02 million a year ago. Analysts expected the company to report revenue of $269.17 million.

For the fourth quarter, the company projects net income in a range of $19.5 -$20.9 million on revenue in a range of $236.5 million - $246.5 million. Adjusted earnings per share are expected to be in the range of $0.66 to $0.69 per share.

Analysts projects earnings of $0.64 per share on revenue of $264.18 million. For the fiscal year 2021, the company expects net income in a range of $63.5 - $64.9 million or $1.14-$1.17 per share and revenue in a range of $910-$920 million. Analysts estimates $2.4 per share on revenue of $938.64 million.

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