Mercury Systems Inc (NASDAQ:MRCY) investors might be experiencing whiplash following the company’s fiscal fourth-quarter results.
Shares of the aerospace company tumbled more than 10% in extended trading Tuesday after its result missed expectations on the top and bottom lines. Mercury posted adjusted earnings of $0.11 per share, short of analyst expectations of $0.54 per share and its own guidance range of $0.47 to $0.61.
Revenue came in at $253.2 million, a 12.6% decline year-over-year and below Street expectations of $277.3 million.
But the story didn’t end there. On Wednesday, shares of Mercury Systems are up 6.7% to $36.12
Perhaps investors were relieved to see stability at the top of the org chart. On Tuesday, Mercury removed the interim tag from CEO Bill Ballhaus, who took the reigns in June.
There’s also the company’s backlog, which stood at $1.14 billion at the quarter’s end, up $102.1 million year over year. Over the next year, Mercury expects to ship products worth $716.4 million from its backlog.
Looking ahead, Mercury Systems expects revenues between $950 million and $1 billion in fiscal 2024. It estimates adjusted EBITDA in the range of $160 to $185 million and adjusted earnings between $1.14 and $1.48 per share.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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