Benzinga | May 5, 2021 10:50AM EDT

Mercury Systems Late Tuesday Cut FY21 Adj. EPS Guidance From $2.35-$2.42 To $2.35-$2.37 vs $2.40 Est., Cut Sales Guidance From $925M-$945M To $910M-$920M vs $938.64M Est.

Business Outlook

This section presents our current expectations and estimates, given current visibility, on our business outlook for the current fiscal quarter and fiscal year 2021. It is possible that actual performance will differ materially from the estimates given, either on the upside or on the downside. Investors should consider all of the risks with respect to these estimates, including those listed in the Safe Harbor Statement below and in the Third Quarter Fiscal 2021 Earnings Presentation and in our periodic filings with the U.S. Securities and Exchange Commission, and make themselves aware of how these risks may impact our actual performance. Effective as of July 1, 2019, the Company's fiscal year has changed to the 52-week or 53-week period ending on the Friday closest to the last day in June. All references in this press release to the third quarter of fiscal 2021 are to the quarter ending April 2, 2021 and to full fiscal 2021 are to the 52-week period ending July 2, 2021.

For the fourth quarter of fiscal 2021, 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, assuming no incremental restructuring, acquisition, other non-operating adjustments, non-recurring financing in the period, an effective tax rate, excluding discrete items, of approximately 26% and approximately 55.7 million weighted average diluted shares outstanding. 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, and 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, an effective tax rate, excluding discrete items, of approximately 26% for the remainder of the year and 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, and adjusted EPS for the full fiscal year is expected to be approximately $2.35 to $2.37 per share.